Saudi Aramco became the first publicly traded company to surpass US$2 trillion in market capitalization at its 2019 initial public offering.
The company’s shares began trading on the Saudi Exchange in December 2019. The offering was the largest IPO in history at the time, raising about US$29.4 billion after an additional share allocation.
Saudi Aramco is the national oil company of Saudi Arabia and operates some of the world’s largest oil reserves and production facilities. Its valuation was closely tied to oil prices, production expectations, and the strategic importance of its reserves.
Apple had reached US$2 trillion earlier as a listed company, but Saudi Aramco’s IPO briefly placed it above that threshold immediately after listing. Market values can move substantially as energy prices and investor expectations change.