Saudi Aramco briefly became the first company to reach a $2 trillion market capitalization in December 2019.
The state-controlled Saudi Arabian Oil Company began trading on the Saudi Stock Exchange after its initial public offering in December 2019. On its second trading day, its shares rose enough for the company’s market value to reach approximately $2 trillion.
Saudi Aramco’s enormous valuation reflected its vast petroleum reserves, large-scale production, refining operations, and role in Saudi Arabia’s economy. The company is among the world’s largest oil producers and has also expanded into chemicals, gas, and other energy businesses.
The record is often described as brief because the share price later moved below the $2 trillion level. Valuations for companies listed on different national exchanges can also be affected by currency conversion and differing trading hours, so rankings may vary slightly depending on the measurement time.