Saudi Aramco to Lead Elite $1 Trillion-Plus Club After IPO
- Oil producer beats Apple, Microsoft in the mega-cap rank
- First time in a decade world’s biggest company is outside U.S.
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It seems like only yesterday equity investors had pegged $1 trillion as the dividing line between run-of-the-mill large cap companies and freakishly huge ones. Saudi Aramco just took things to a whole new level.
The oil producer’s initial public offering Thursday valued the company at $1.7 trillion. That may have trailed Crown Prince Mohammed bin Salman’s hoped-for $2 trillion valuation, but it gives the Saudi Arabian behemoth about a $600 billion lead on Apple Inc. and Microsoft Inc., the only two other companies in the world worth more than $1 trillion.