Saudi Aramco became the first publicly listed energy company valued at about $2 trillion.
Saudi Aramco reached a market value of roughly $2 trillion shortly after its initial public offering in December 2019. The company listed shares on the Saudi Stock Exchange, known as Tadawul, in what was one of the largest initial public offerings in history.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and is among the world’s largest integrated petroleum businesses. Its operations include exploration, production, refining, chemicals, and distribution. The company’s valuation reflected its huge hydrocarbon reserves, production capacity, profitability, and strategic importance to Saudi Arabia.
The phrase “about $2 trillion” is important because market capitalization changes with the share price, and the valuation was influenced by the offering price and the limited portion of shares sold to the public. Saudi Aramco is often confused with Apple’s separate $2 trillion milestone. Apple was the first public company to cross $2 trillion in market value during trading in 2020.