As Elon Musk’s for what could become the largest in history, investors are revisiting the blockbuster public offerings that previously dominated global markets. Reports suggest SpaceX may seek a valuation nearing $2 trillion and could potentially raise tens of billions of dollars if it lists publicly, according to Business Insider.
Here is a look at the seven largest IPOs ranked by funds raised, based on the amount raised during their initial public offerings.
Saudi Aramco — $29.4 billion (2019)
currently holds the record for the world’s biggest IPO after raising around $29.4 billion during its 2019 listing on the Saudi Tadawul exchange. CNBC reported that the oil giant achieved the figure after exercising a greenshoe option tied to the offering. The IPO was closely linked to Saudi Arabia’s Vision 2030 strategy aimed at diversifying the kingdom’s economy beyond oil revenues. The listing briefly made Aramco the world’s most valuable publicly traded company.
Alibaba Group — $25 billion (2014)
Chinese e-commerce giant Alibaba raised about $25 billion during its New York Stock Exchange debut in 2014, becoming the world’s largest IPO at the time. According to Kiplinger, the listing marked a defining moment for China’s internet economy and elevated founder Jack Ma into a global tech figure. Investor enthusiasm around reflected growing confidence in China’s digital consumer market, with the IPO valuing the company at nearly $170 billion at launch.
SoftBank Corp. — $23.5 billion (2018)
Japan’s SoftBank Corp., the telecom unit of Group, raised more than $23 billion during its Tokyo listing in 2018. Reuters had reported that the IPO became one of Japan’s largest-ever public offerings and attracted heavy participation from retail investors despite volatile market conditions.
Agricultural Bank of China — $22.1 billion (2010)
Agricultural Bank of China raised approximately $22.1 billion through its dual listings in Shanghai and Hong Kong in 2010. Reuters reported at the time that the reflected the expansion of China’s banking sector during the country’s high-growth economic phase. The listing was also seen as another sign of China’s increasing influence over global financial markets in the aftermath of the 2008 financial crisis.
Industrial and Commercial Bank of China — $21.9 billion (2006)
Before the Agricultural Bank of China, the Industrial and Commercial Bank of China () held the global IPO record after raising nearly $21.9 billion in 2006. According to Bloomberg, the listing became a landmark moment for China’s financial markets as state-owned lenders expanded their global footprint.
Visa — $17.9 billion (2008)
Visa’s IPO came during the global financial crisis but still managed to raise close to $18 billion. Kiplinger reported that the payments giant later emerged as one of the strongest-performing financial stocks despite launching during a turbulent period for markets. The offering demonstrated investor confidence in digital payments infrastructure even as traditional banking institutions struggled through the economic downturn.
Meta Platforms — $16 billion (2012)
, now known as Meta Platforms, raised roughly $16 billion during its Nasdaq debut in 2012. Reuters had described the IPO as one of Silicon Valley’s most anticipated listings. The stock initially struggled after going public due to concerns around mobile monetisation and trading glitches during the launch. However, later rebounded strongly and evolved into one of the world’s most valuable technology companies.