Saudi Aramco briefly reached a $2 trillion market capitalization in December 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, known as Tadawul, in December 2019. On the second day of trading, the company’s valuation reached approximately $2 trillion, making it the world’s most valuable listed company at that point.
The initial public offering was part of Saudi Arabia’s effort to broaden its economy and raise funds for the Vision 2030 program. The offering sold a minority stake while the Saudi government retained ownership of most shares.
Saudi Aramco is primarily an integrated energy company, with activities spanning oil production, refining, chemicals, and distribution. Its market value has changed with oil prices, company performance, and investor sentiment, so the 2019 peak should not be treated as a permanent ranking.