Illustration: Eniola Odetunde/Axios

There's a split-screen effect with the Saudi Aramco IPO: it's simultaneously the largest ever and an event that's less consequential than initially envisioned.

Driving the news: The company yesterday said shares would be priced at 32 riyals, or $8.53, per share on the country's domestic exchange, representing a $1.7 trillion valuation.

  • They're initially selling 3 billion shares, a 1.5% slice, which means a $25.6 billion offering that edges out the 2014 IPO of the Chinese conglomerate Alibaba for the record.

Why it matters: That's a lot of money that Crown Prince Mohammed bin Salman (MBS) hopes to steer toward the kingdom's efforts at economic diversification.

  • Trading begins this month, the culmination of the long-planned, often delayed effort.

But, but, but: It's all a far cry from MBS' earlier vision of a 5% float of the world's largest oil-producing company, with a higher $2 trillion valuation.

  • Plans for a listing on an international exchange seem to be on hold at best.

The big picture: Bloomberg notes that for MBS, getting the sale across the finish line "could help get his ambitious plan to overhaul the economy back on track."

  • "It’s been derailed by problems at home, including the backlash against his purge of the elite, and abroad by the outrage over the murder of Washington Post columnist Jamal Khashoggi and the war in Yemen," they report.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 7,079,689 — Total deaths: 204,499 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
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  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

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Illustration: Sarah Grillo/Axios

The Supreme Court isn't just one of the most pressing issues in the presidential race — the justices may also have to decide parts of the election itself.

Why it matters: Important election-related lawsuits are already making their way to the court. And close results in swing states, with disputes over absentee ballots, set up the potential for another Bush v. Gore scenario, election experts say.

Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

Senate Judiciary Committee Chair Lindsey Graham (R-S.C.) told Fox News Saturday he expects confirmation hearings on Judge Amy Coney Barrett's nomination to the Supreme Court to start Oct. 12 and for his panel to approve her by Oct. 26.

Why it matters: That would mean the final confirmation vote could take place on the Senate floor before the Nov. 3 presidential election.