Saudi Aramco became the first listed company to briefly exceed $2 trillion in market value in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, in December 2019 after the world’s largest initial public offering at that time. Its shares rose on the first trading day, taking its implied market capitalization above $2 trillion.
The company is formally known as Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. Its business includes exploration, production, refining, chemicals, and energy distribution.
The valuation was described as brief because the share price later moved below the threshold. The event is also distinct from Apple’s later achievement: both companies crossed $2 trillion, but at different times and in different market circumstances.