What is the biggest IPO in history?

Saudi Aramco currently holds the record for the largest IPO, raising $25.6 billion when it listed on the Saudi Stock Exchange in December 2019, according to Renaissance Capital. SpaceX has set an offer price of $135 per share for 555.6 million shares, targeting a raise of up to $75 billion, according to its SEC filing, which would shatter the current record.

What is the largest IPO on a U.S. stock exchange?

Alibaba holds the record for the largest IPO on a U.S. exchange, raising $21.8 billion on the New York Stock Exchange in September 2014, according to Renaissance Capital. Visa ($17.9 billion, 2008) and Meta ($16 billion, 2012) rank second and third. SpaceX's planned Nasdaq listing, if completed at its target raise, would exceed all of them significantly.

The Biggest IPOs Ever: How the Top 10 Global Listings Performed, and How SpaceX Stacks Up

SpaceX is targeting a raise of up to $75 billion, nearly three times the all-time record.

By Jack Caporal – Updated Jun 5, 2026 at 3:19 PM EST | Fact-checked by Parker Hicks

Key Points

SpaceX plans a June 2026 IPO aiming for a $75 billion raise, nearly triple the current record.
Top IPOs show no strong link between raise size and long-term stock performance.
Sector significantly impacts performance; financials and tech tend to outperform energy and telecom.

The largest IPOs in history have raised tens of billions of dollars each, and delivered returns ranging from significant gains to sustained losses.

Saudi Aramco raised $25.6 billion in its December 2019 initial public offering, setting the record for the largest in history. Ahead of its June 12 IPO, SpaceX has set a fixed offer price of $135 per share for 555.6 million shares, according to its SEC filing, targeting a raise nearly three times the record set by Saudi Aramco at a valuation of at least $1.8 trillion.

Here's how SpaceX's targeted raise compares to the 10 largest IPOs.

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Before SpaceX's IPO, the 10 biggest offerings on record offer a useful frame of reference for investors. Together, they raised more than $180 billion. Their returns tell very different stories.

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The Best Long-Run Performers Among the Largest IPOs

The two best long-run performers in the top 10 had opposite first-year experiences.

Visa (V +1.19%) IPO'd in March 2008 at a split-adjusted offer price of $11, during the global financial crisis. It gained 92% in its first three months and has returned 2,854% from that offer price as of May 2026, according to FactSet data. Visa earns fees on payment processing volume and does not extend credit, which insulated it from the default risk that defined the 2008 crisis.

Meta (META -5.50%) had the worst first three months of any company in the top 10, falling 47% from its May 2012 IPO price of $38. Investors who bought on day one lost roughly a third of their money in the first year. By year five the stock was up 289%. Total return since the 2012 offer price: +1,572% as of May 2026, according to FactSet data.

AIA Group (SEHK:1299) and ICBC (SEHK:1398), both listed in Hong Kong, delivered steadier compounding with less short-term volatility than the technology companies. AIA returned 318% since its 2010 IPO; ICBC's H-Share returned 116% since 2006.

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The Worst-Performing Large IPOs: Where Sector Mattered More Than Deal Size

Three of the 10 largest IPOs were negative at the 5-year mark, and a fourth spent most of its first five years below its offer price. In each case, the company was influenced by sector dynamics.

Saudi Aramco is down 13% since its December 2019 offer price, the worst total return in the group, according to investing.com data. The company listed at the end of a decade in which energy's share of global equity indexes declined, and oil prices have not consistently supported the valuation implied at the IPO price.

SoftBank Corp (TSE:9434), the Japanese telecom subsidiary, not SoftBank Group, fell 15% on its first day of trading in December 2018, according to FactSet data, and spent most of the following five years below its offer price. Total return from the split-adjusted offer price of 150 JPY: +43% as of May 2026, according to FactSet data. A mature telecommunications business with limited growth levers attracted limited long-term capital.

NTT DoCoMo (TSE:9437) gained 47% in its first year after its October 1998 IPO, then fell sharply with the broader telecom sector. By year three, it was down 48% from the IPO price. NTT took the company private in 2020.

Enel SpA raised $16.5 billion in its 1999 Italian privatization. Total return in euros from the split-adjusted offer price of €7.31: +31% as of May 2026, according to FactSet data.

The five companies with the highest total returns, Visa, Meta, AIA Group, ICBC, and General Motors, are all financials, technology, or consumer companies. The four weakest performers span energy, telecom, and utilities.

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What the Largest IPOs Returned Over Time

The performance table in the introduction shows returns over five periods of time from IPO.

In the first three months, five of the 10 biggest IPOs had negative returns. Facebook fell 47%. Saudi Aramco fell 23%. NTT DoCoMo and SoftBank Corp both fell roughly 10%. Of the five that gained, Visa (+92%) and ICBC (+48%) posted the largest jumps. Both are financial companies that are listed outside a major technology cycle.

At the one-year mark, the picture improves across the board but remains uneven. Five of the 10 were still negative one year in. NTT DoCoMo was the outlier at +47%, benefiting from late-1990s telecom enthusiasm before the sector reversed. Visa and ICBC were positive. Facebook and General Motors were both down more than 30%.

At the five-year mark, the split between sector winners and losers becomes clear. The financials and technology companies had largely recovered and compounded their gains. The energy, telecom, and utilities names had not. Enel was down 16% at five years; NTT DoCoMo was down 48%; Saudi Aramco was down 11%.

Total return since IPO reinforces the sector gap. The difference between the best (Visa, +2,854%) and the worst (Aramco, -13%) is not primarily a reflection of how much each company raised. It is driven by sector, timing, and business model durability over the full period.

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What the Historical Record Says About SpaceX's Listing

SpaceX is targeting a raise of up to $75 billion at a valuation of at least $1.8 trillion, according to Bloomberg News. That raise would be nearly three times the size of any IPO ever completed.

Two patterns from the historical record are relevant for investors evaluating the listing.

First, size has had no meaningful relationship with long-term outcome. The record holder is the worst-performing stock in the group. The best-performing stock, Visa, raised roughly $8 billion less than Aramco. The top five by long-term return, Visa, Meta, AIA Group, General Motors, and ICBC, span a deal size range from $14 billion to $17.9 billion, with no strong correlation between the size of the raise and what the stock went on to do.

Second, the sector has had a meaningful impact on performance. Every strong long-run performer is in financials, technology, or consumer discretionary. Every weak one is in energy, telecom, or utilities. SpaceX spans more than one of those categories, which means the historical record offers limited directional guidance on its own.

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FAQs

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About the Author

Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.

TMFJackCap

The Biggest IPOs Ever: How the Top 10 Global Listings Performed, and How SpaceX Stacks Up

SpaceX is targeting a raise of up to $75 billion, nearly three times the all-time record.

Key Points

The Best Long-Run Performers Among the Largest IPOs

The Worst-Performing Large IPOs: Where Sector Mattered More Than Deal Size

What the Largest IPOs Returned Over Time

What the Historical Record Says About SpaceX's Listing

FAQs

What is the biggest IPO in history?

What is the largest IPO on a U.S. stock exchange?

About the Author

Read Next

Stocks Mentioned

Motley Fool Stock Advisor’s Latest Pick

Premium Investing Services

The Best Long-Run Performers Among the Largest IPOs

The Worst-Performing Large IPOs: Where Sector Mattered More Than Deal Size

What the Largest IPOs Returned Over Time

What the Historical Record Says About SpaceX's Listing

FAQs

What is the biggest IPO in history?

What is the largest IPO on a U.S. stock exchange?

The Biggest IPOs Ever: How the Top 10 Global Listings Performed, and How SpaceX Stacks Up

SpaceX is targeting a raise of up to $75 billion, nearly three times the all-time record.

Key Points

The Best Long-Run Performers Among the Largest IPOs

The Worst-Performing Large IPOs: Where Sector Mattered More Than Deal Size

What the Largest IPOs Returned Over Time

What the Historical Record Says About SpaceX's Listing

FAQs

What is the biggest IPO in history?

What is the biggest IPO in history?

What is the largest IPO on a U.S. stock exchange?

What is the largest IPO on a U.S. stock exchange?

Methodology

About the Author

Read Next

Stocks Mentioned

Motley Fool Stock Advisor’s Latest Pick

Premium Investing Services

The Best Long-Run Performers Among the Largest IPOs

The Worst-Performing Large IPOs: Where Sector Mattered More Than Deal Size

What the Largest IPOs Returned Over Time

What the Historical Record Says About SpaceX's Listing

FAQs

What is the biggest IPO in history?

What is the biggest IPO in history?

What is the largest IPO on a U.S. stock exchange?

What is the largest IPO on a U.S. stock exchange?

Methodology