Aramco, Saudi Arabia's state-owned oil company, is set to announce an IPO that might be the biggest in history, the Associated Press said.

The company said they will be selling shares at 32 riyals ($8.53) each, putting the value for the state being sold at $25.6 billion. This puts the value of the company at $1.7 trillion, toppling Apple and Microsoft, according to the AP.

Aramco's IPO would also beat out Alibaba's record listing from 2014, which clocked in at $25 billion.

Buzz has been generating around a possible IPO for the company since Crown Prince Mohammed bin Salman announced plans for it two years ago. As of 2018, the company earned $224 billion, beating out other major fossil fuel companies, like Royal Dutch Shell, ExxonMobil and Chevron.