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

SpaceX listed on Nasdaq under the ticker SPCX on June 12, 2026 and raised a record $75 billion. The previous U.S. record was held by Meta (then Facebook), which raised $16 billion on Nasdaq in May 2012.,

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

Q: What is the biggest IPO in history?

SpaceX holds the record for the largest IPO. The company raised $75 billion on June 12, 2026, offering 555.6 million shares at $135 each, nearly three times the previous record of $25.6 billion set by Saudi Aramco in December 2019.

The biggest 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. SpaceX (SPCX +2.22%) raised $75 billion on June 12, 2026, offering 555.6 million shares at $135 each, nearly three times the record set by Saudi Aramco. Shares closed their first day of trading up 19% at $160.95, giving the company a market capitalization of roughly $2.1 trillion.

SpaceX may not hold the record for the biggest IPO for long, however. On June 1, Anthropic confidentially filed paperwork for an IPO and reportedly aims to match or exceed SpaceX's raise, which climbed to $86.2 billion once its overallotment option was exercised, on top of the $75 billion raised at the outset. Separately, investors are reportedly targeting a valuation of $2 trillion or more.

At that valuation, Anthropic's IPO would value the company higher than SpaceX's IPO did. And if Anthropic's IPO proceeds match or exceed SpaceX's $86.2 billion total, it would set the record for capital raised as well. Anthropic has not set a share price, count, or confirmed valuation target.

Here's how the 10 biggest IPOs currently stack up against each other.

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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 Biggest IPOs

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

Visa (V +1.45%) 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 +0.75%) 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.

"On average, IPOs, particularly larger ones, disappoint investors during their first year," said Lou Whiteman, contributing Motley Fool stock analyst. "Larger IPOs tend to attract a lot of hype, and as the excitement fades, so too does buying interest."

Insider lockup expirations can compound that effect by increasing the supply of shares as the first year progresses. By year five, Whiteman said, those temporary factors fade and the stock trades more on fundamentals, though if the original valuation was stretched, "the fundamentals might not support an elevated stock price."

His advice for investors: stay patient amid initial post-IPO volatility, and make a fresh assessment after the market has adjusted to the company regularly reporting earnings.

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What History Tells Investors About SpaceX and Anthropic's Mega-IPOs

Two patterns may be relevant for investors evaluating SpaceX months after its record-shattering IPO, and preparing for Anthropic's highly anticipated stock market debut.

First, IPO size doesn't meaningfully impact long-term performance. Saudi Aramco, the largest IPO outside of SpaceX, had the worst long-term performance, while the best performing, Visa, raised roughly $8 billion less than Saudi Aramco. Among the 10 biggest IPOs, the five with the best long-term performance had deal sizes between $14 billion and $17.9 billion.

Second, sector has some bearing on performance. IPOs in financials, technology, and consumer discretionary have had strong long-term performances while energy, telecom, or utilities have posted weaker returns. SpaceX spans multiple categories, which makes it difficult for investors to judge based on history. That's not the only surprise it's shown since debuting, and some early, new lessons could apply to Anthropic's expected IPO later this year.

"Anthropic’s size makes it unique in history, but we do have one prominent recent example to compare it to: SpaceX," Whiteman said. "The interesting thing about SpaceX’s trading so far is that all of the things we thought would move the stock – adding it to the indexes, lockup releases – have not moved the stock as expected."

He attributed that to how widely anticipated those events were, allowing traders to price them in. "I would suspect Anthropic would follow a similar trajectory, which makes stock movements hard to predict."

That points back to Whiteman's original advice for investors: stay patient, even amid the hype of mega-IPOs.

"IPOs are exciting, and the companies behind the offerings can be great long-term investments," Whiteman said. "But waiting out the initial volatility and allowing some of the dust to settle from lockup expirations and the company adjusting to the regular reporting cadence of being public allows for a more sober assessment of the business and a price that better reflects its strengths and limitations."

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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

Jack Caporal has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms and Visa. The Motley Fool has a disclosure policy.

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

SpaceX raised $75 billion at IPO, making it the biggest IPO of all time

Key Points

The Best Long-Run Performers Among the Biggest IPOs

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

What the Largest IPOs Returned Over Time

What History Tells Investors About SpaceX and Anthropic's Mega-IPOs

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 Biggest IPOs

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

What the Largest IPOs Returned Over Time

What History Tells Investors About SpaceX and Anthropic's Mega-IPOs

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 Performed and How SpaceX Stacks Up

SpaceX raised $75 billion at IPO, making it the biggest IPO of all time

Key Points

The Best Long-Run Performers Among the Biggest IPOs

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

What the Largest IPOs Returned Over Time

What History Tells Investors About SpaceX and Anthropic's Mega-IPOs

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 Biggest IPOs

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

What the Largest IPOs Returned Over Time

What History Tells Investors About SpaceX and Anthropic's Mega-IPOs

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