Saudi Aramco reached an approximately US$2 trillion valuation when it began trading in December 2019.
The oil company’s initial public offering on the Saudi Exchange was priced at 32 Saudi riyals per share. At that price, the company’s implied market capitalization was about US$1.7 trillion, and its shares briefly rose to the level associated with a valuation near US$2 trillion during the first trading days.
Saudi Aramco is the national petroleum company of Saudi Arabia and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, petrochemicals, and energy distribution. The listing was a central part of Saudi Arabia’s plans to diversify its economy under Vision 2030.
The company’s valuation is often compared with those of Apple, Microsoft, and other technology giants. A common mistake is to confuse Aramco’s oil reserves or annual production with market capitalization; those are different measures of corporate scale.