Saudi Aramco became the world's first non-U.S. company to reach a $2 trillion market capitalization.
Saudi Aramco reached approximately $2 trillion in market value shortly after its December 2019 initial public offering on the Saudi Stock Exchange. Its shares began trading on December 11, 2019, after the company sold part of its equity to public investors.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the Saudi government. It operates across oil and gas exploration, production, refining, chemicals, and distribution. Saudi Aramco's enormous reserves and production capacity made it one of the most valuable businesses ever listed.
The valuation was controversial because it was based on the trading price of a relatively small portion of the company. Unlike Apple, Microsoft, or other widely held technology companies, most Saudi Aramco shares remained under government ownership. Its market value can therefore be compared with other listed companies, but its ownership structure is unusual.