Saudi Aramco reached a $2 trillion market capitalization shortly after its 2019 stock-market debut.
The company began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. On its second trading day, its shares rose enough for the company’s market value to reach approximately $2 trillion, making it one of the largest companies ever measured by market capitalization.
Saudi Aramco is Saudi Arabia’s national oil company and is majority owned by the Saudi government. It operates major oil and gas production, refining, chemicals, and distribution businesses. The company’s scale reflects Saudi Arabia’s enormous hydrocarbon reserves and long production history.
The initial public offering sold only a minority stake, so the listing did not represent a full privatization. Market estimates for the company can also vary with oil prices, production expectations, exchange rates, and the number of shares counted.