Saudi Aramco became the world's first non-technology company valued at $2 trillion.
Saudi Aramco briefly reached a market capitalization of about $2 trillion in December 2019, soon after its shares began trading on the Saudi Exchange. The valuation followed the company's initial public offering, which was one of the largest in history.
Saudi Aramco is formally known as Saudi Arabian Oil Company and is headquartered in Dhahran. It operates one of the world's largest integrated petroleum businesses, covering exploration, production, refining, and chemicals.
The $2 trillion figure was a market valuation rather than a statement that the company possessed that amount in cash or physical assets. Analysts also debated the valuation because oil prices, production levels, government ownership, and the limited number of publicly traded shares all influence the stock price.