Saudi Aramco became the first listed company to reach a $2 trillion market capitalization during its 2019 stock-market debut. Its shares began trading on the Saudi Exchange in December 2019 after an initial public offering that valued the company near that landmark.
Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, natural gas, refining, chemicals, and petroleum distribution. The company’s enormous reserves and production capacity underpin its valuation.
The $2 trillion figure is often discussed alongside Apple’s later milestone. Saudi Aramco briefly reached the level on an intraday basis, while Apple passed $2 trillion in 2020. Consequently, descriptions may differ depending on whether they mean the first moment during trading or a more sustained valuation.
The IPO also represented a major step in Saudi Arabia’s economic-diversification strategy. The offering was connected to Vision 2030, which seeks to reduce the country’s dependence on oil revenues.