Apple shares crossed the $269 mark in intraday trading today, setting a new all-time high for the company.

However, oil giant Saudi Aramco is set to overtake Apple as the world’s most valuable company based on market cap after raising $25.6 billion in the world’s biggest initial public offering ever, according to Reuters. The shares are expected to begin trading on the Saudi stock market on December 11.

Saudi Aramco only offered a 1.5 percent stake in the company to public shareholders, so the $25.6 billion raised gives it an overall valuation of around $1.7 trillion, topping Apple’s market cap of around $1.1 trillion.

This article, “Apple Shares Reach New All-Time High, But Saudi Aramco to Overtake as World’s Most Valuable Company” first appeared on MacRumors.com

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