Saudi Aramco briefly became the world’s most valuable listed company in 2019. The state-controlled oil company began trading on the Saudi Exchange in December 2019 after its initial public offering, and its market value reached about $2 trillion at the start of trading.
The listing was a central part of Saudi Arabia’s economic diversification plans. The offering sold a relatively small portion of the company, while the Saudi government retained control. Aramco’s valuation was closely tied to expectations for oil production, reserves, prices, and long-term energy demand.
The phrase “most valuable company” can refer to market capitalization rather than annual revenue or physical reserves. Apple and other technology companies later traded at higher valuations. Aramco remains one of the world’s largest energy producers and one of the most significant companies listed on a stock exchange.