Saudi Aramco became the world’s first publicly traded company valued at $2 trillion in December 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, reached that approximate valuation shortly after its shares began trading on the Saudi Stock Exchange. Its initial public offering took place in December 2019 and was one of the largest IPOs in history.
Saudi Aramco is the national oil company of Saudi Arabia and is among the world’s largest producers of crude oil. Its business also includes refining, petrochemicals, natural gas, and distribution. The company’s enormous hydrocarbon reserves and production capacity underpin its scale.
The $2 trillion figure was a market value, not the amount of money raised in the IPO. Market capitalization changes as the share price changes, while the company’s underlying reserves and operations do not fluctuate in exactly the same way.