Here are the 10 biggest IPOs in history as SpaceX prepares to list on Friday

Elon Musk’s SpaceX is expected to make its market debut on Friday in a deal that could raise as much as $75 billion, far surpassing the current record held by Saudi Aramco. Reuters reports the company plans to price its shares at $135 each, valuing the business at between $1.75 trillion and $2.3 trillion.

The proposed listing would be remarkable not only for its size but also for its structure. Unlike most companies seeking to go public, SpaceX is reportedly planning to set a fixed share price before investor presentations and bookbuilding, departing from the conventional process in which underwriters establish a price range and adjust it according to demand.

Investor interest has been fuelled by SpaceX’s dominant position in commercial space launches, the rapid expansion of its Starlink satellite internet business, and ambitious plans to develop space-based data centres and advance missions to Mars. The offering also follows a major corporate restructuring that consolidated seveassetsMusk controlby Elon Musksets, including xAI, under the SpaceX umbrella.

An initial public offering, commonly known as an IPO, is the process through which a private company sells shares to public investors for the first time. Beyond raising capital, IPOs often mark significant milestones in corporate history, opening businesses to public ownership and providing investors with an opportunity to participate in future growth.

The largest IPOs have done more than raise billions of dollars. They have reflected major shifts in the global economy, from the rise of Chinese technology giants and digital payments networks to the growing influence of energy producers, financial institutions and telecommunications companies.

According to a LinkedIn post by AIM, an Artificial Intelligence and data science media platforms, Saudi Aramco’s 2019 market debut remains the largest IPO ever completed, setting the benchmark against which every major public offering is measured.

“The next wave is already taking shape. SpaceX is reportedly preparing what could become the largest IPO ever, targeting a record $75 billion raise, while Anthropic has confidentially filed for an IPO and OpenAI remains one of the market’s most closely watched future listings,” the Indian firm said.

It added that the race for public-market capital is accelerating, with AI and space technology companies vying to write the next chapter in IPO history.

Here are the 10 biggest IPOs in history as SpaceX lists on Friday

Read also: How Nigerians can invest in SpaceX IPO at $135 per share

Saudi Aramco

Amount raised: $25.6 billion
Listing date: December 2019
Exchange: Tadawul, Saudi Arabia

Saudi Aramco set the global IPO record when it raised $25.6 billion on the Saudi stock exchange. The state controlled oil giant was the centrepiece of Crown Prince Mohammed bin Salman’s Vision 2030 strategy, aimed at diversifying the kingdom’s economy beyond oil. Investor demand was strong, making Aramco the world’s most valuable listed company at the time of its debut.

Alibaba Group

Amount raised: $21.8 billion
Listing date: September 2014
Exchange: New York Stock Exchange

Alibaba’s New York listing marked a watershed moment for China’s technology sector. Founded by Jack Ma, the e-commerce giant attracted investors eager to tap into China’s rapidly expanding consumer market. The IPO briefly held the global record before being overtaken by Aramco five years later.

SoftBank Corp

Amount raised: $21.3 billion
Listing date: December 2018
Exchange: Tokyo Stock Exchange

SoftBank Corp, the telecommunications arm of Japan’s SoftBank Group, completed one of the largest public offerings ever seen in Asia. The listing was designed to help the parent company reduce debt and fund future investments, including its ambitious technology-focused Vision Fund

Read also: SpaceX IPO sparks demand as investors chase access to Elon Musk’s space empire

NTT DoCoMo

Amount raised: $18.1 billion
Listing date: October 1998
Exchange: Tokyo Stock Exchange

At the height of the mobile phone boom, Japan’s NTT DoCoMo raised more than $18 billion in what was then the largest IPO in history. The company played a leading role in advancing mobile internet services and became a symbol of the telecommunications revolution that transformed global communications.

Visa

Amount raised: $17.9 billion
Listing date: March 2008
Exchange: New York Stock Exchange

Visa’s IPO came at a turbulent moment for financial markets, just months before the global financial crisis intensified. Despite the uncertainty, investors flocked to the payment processing giant, recognising the long term shift towards electronic payments. The company has since become one of the world’s most valuable financial services firms.

Read also: SpaceX Sets $135 Share Price for Record $75bn IPO, Valuing Firm at $1.77tn

AIA Group

Amount raised: $17.8 billion
Listing date: October 2010
Exchange: Hong Kong Stock Exchange

AIA’s public offering followed the restructuring of American International Group after the financial crisis. The Hong Kong listed insurer capitalised on growing demand for insurance products across Asia and remains one of the region’s most prominent financial institutions.

Enel

Amount raised: $16.5 billion
Listing date: November 1999
Exchange: Multiple markets including New York

Italian utility company Enel entered public markets during a wave of privatisations across Europe. The IPO helped transform the former state owned enterprise into one of the world’s largest electricity producers and a major player in renewable energy.

Facebook

Amount raised: $16 billion
Listing date: May 2012
Exchange: Nasdaq

Facebook’s IPO was among the most closely watched technology listings in history. Although technical issues on Nasdaq overshadowed its first day of trading, the company continued its rapid expansion. Today, operating as Meta Platforms, it remains one of the world’s largest social media businesses.

General Motors

Amount raised: $15.8 billion
Listing date: November 2010
Exchange: New York Stock Exchange

General Motors returned to public markets just over a year after emerging from bankruptcy during the global financial crisis. The offering was viewed as a key milestone in the recovery of the American automotive industry and one of the most significant corporate restructurings of its era.

ICBC

Amount raised: $14 billion
Listing date: October 2006
Exchange:Hong Kong Stock Exchange

Industrial and Commercial Bank of China completed one of the largest banking IPOs ever recorded. The listing highlighted China’s growing influence in global finance and provided international investors with access to one of the country’s largest lenders.