Money & Business

The Largest IPOs of All Time

SpaceX’s June 2026 Nasdaq listing raised $75.0 billion, nearly three times the previous record, Saudi Aramco’s $25.6 billion in 2019. These are 16 initial public offerings ranked by gross proceeds at pricing, before any over-allotment option, as of 24 October 2026. This is a ranking of money raised, not investment advice.

In the spotlight Japan USA China SpaceX
Reuters video of Elon Musk and SpaceX ringing the Nasdaq opening bell before the IPO

Pictured: a still from Reuters’ video of Elon Musk and SpaceX ringing the Nasdaq opening bell on listing day; SpaceX is #1 with $75.0 billion raised at pricing.

Rank Company Gross proceeds at pricing (US$ billions) With over-allotment (US$ billions) Year Exchange Country Sector Offer price
1SpaceX75.085.72026NasdaqUnited StatesAerospace$135 per share
2Saudi Aramco25.629.42019Saudi Exchange (Tadawul)Saudi ArabiaEnergySAR 32 per share
3Alibaba Group21.825.02014NYSEChinaTechnology$68 per ADS
4SoftBank Corp21.323.52018Tokyo Stock ExchangeJapanTelecommunications¥1,500 per share
5Agricultural Bank of China19.222.12010Hong Kong + ShanghaiChinaBanking¥2.68 (A) / HK$3.20 (H)
6ICBC19.121.92006Hong Kong + ShanghaiChinaBankingHK$3.07 (H)
7NTT DoCoMo18.1—1998Tokyo Stock ExchangeJapanTelecommunications¥3.9 million per share
8Visa17.919.72008NYSEUnited StatesPayments$44 per share
9AIA Group17.820.52010Hong KongHong KongInsuranceHK$19.68 per share
10Enel16.5—1999Milan + NYSEItalyUtilities€4.3 per share
11Facebook (Meta)16.0—2012NasdaqUnited StatesTechnology$38 per share
12General Motors (common stock)15.818.12010NYSEUnited StatesAutomotive$33 per share
13Deutsche Telekom13.0—1996Frankfurt + NYSEGermanyTelecommunicationsDM 28.50 per share
14Rivian11.9—2021NasdaqUnited StatesAutomotive$78 per share
15Dai-ichi Life11.0—2010Tokyo Stock ExchangeJapanInsurance¥140,000 per share
16LG Energy Solution10.7—2022Korea ExchangeSouth KoreaBatteries₩300,000 per share

Read this first: IPOs are ranked by gross proceeds at pricing, in nominal US dollars at the exchange rate of the day, excluding the over-allotment (“greenshoe”) option; the next column shows the total once the option was exercised, where a source confirms it.[1][2] Gross proceeds include shares sold by existing owners, not just new money for the company, as with Alibaba and AIA. An IPO here means a company’s first public listing. That leaves out SK hynix, whose $26.5 billion Nasdaq ADR sale in July 2026 would rank second: Renaissance Capital counts it, but the company has been listed in Seoul for decades.[13] Alibaba’s $11.2 billion Hong Kong listing in 2019 is left out for the same reason. NTT’s 1987 privatization (around $15 billion in Dealroom’s list) is left out because the government sold it in several tranches over years. Counting choices: Agricultural Bank of China and ICBC each ran one offering across Hong Kong and Shanghai, counted once at the combined figure; General Motors shows its $15.8 billion common-stock sale only, with $4.35 billion of preferred shares sold alongside (the preferred shares are not counted; its $18.1 billion greenshoe figure is common stock only, and the full package reached $23.1 billion).[14] Figures are rounded to $0.1 billion. Older deals depend on exchange rates and sources differ by a few hundred million dollars (NTT DoCoMo is the widest), so treat differences under about 2% as rounding. Over-allotment figures are left blank for Facebook (the option was $2.4 billion at the IPO price, but no source confirmed its exercise), Rivian, Enel, NTT DoCoMo, Deutsche Telekom, Dai-ichi Life and LG Energy Solution. Deutsche Telekom’s $13.0 billion is Renaissance Capital’s figure (713 million shares at DM 28.50 is about DM 20.3 billion, consistent with it). Not ranked, pending: Anthropic said on 1 June 2026 that it had confidentially filed for a US IPO; as of mid-October 2026 no public prospectus had been filed and no price or size was set, so it has no rank here. This is a ranking of money raised, not investment advice or a view on any company’s shares.

The Top 10

#1

SpaceX — $75.0 billion

SpaceX priced 555,555,555 Class A shares at $135.00 on 11 June 2026 for $75.0 billion and began trading on Nasdaq under SPCX the next day, ringing the opening bell with Elon Musk speaking by video. Reuters and CNBC reported that after the underwriters exercised their over-allotment option the total rose to $85.7 billion. It is the largest IPO on record by this table’s rule, nearly three times the former record. Shares opened at $150 on the first day.[1][2][3] The video is Reuters’ coverage of the bell ringing.

#2

Saudi Aramco — $25.6 billion

The state oil giant sold 3 billion shares, 1.5% of the company, at SAR 32 on the Saudi Exchange (Tadawul), valuing it at about $1.7 trillion. It began trading on 11 December 2019 and rose by the 10% daily limit. On 12 January 2020 its banks exercised the greenshoe for 450 million more shares, lifting the total to $29.4 billion. It held the record until SpaceX.[1][4] The video is Bloomberg Television’s report on the listing.

#3

Alibaba Group — $21.8 billion

Alibaba sold 320 million American depositary shares at $68 on the New York Stock Exchange, starting trading on 19 September 2014. The company, Yahoo and two executives sold shares, so much of the money went to sellers: Alibaba’s own net proceeds were about $10.0 billion. Underwriters then bought 48 million more shares, taking the deal to $25 billion and, at the time, past Agricultural Bank of China’s record. It is also the largest IPO in US exchange history before SpaceX’s Nasdaq listing.[1][5] The video is the Financial Times’ report on the listing.

#4

SoftBank Corp — $21.3 billion

SoftBank Group floated its Japanese mobile business on the Tokyo Stock Exchange at ¥1,500 a share. Reuters reported that adding 160 million extra shares brought the total to ¥2.65 trillion, or $23.5 billion. The shares fell 15% on 19 December 2018, their first day, closing at ¥1,282.[1][6] No suitable video from an authoritative channel was found, so the icon is shown instead.

#5

Agricultural Bank of China — $19.2 billion

The state-owned lender sold shares in Shanghai (¥2.68) and Hong Kong (HK$3.20) in one offering in July 2010. The two over-allotment options were later exercised in full, lifting the total to $22.1 billion, a world record until Alibaba. Renaissance Capital lists its Hong Kong and Shanghai parts as separate lines; this table counts the single offering once.[1][7] No suitable video from an authoritative channel was found, so the icon is shown instead.

#6

ICBC — $19.1 billion

Industrial and Commercial Bank of China priced the first simultaneous Hong Kong and Shanghai listing in October 2006, with about $13.9 billion in H-shares and $5.1 billion in A-shares. With the greenshoe the offering reached $21.9 billion, then a record. Renaissance Capital lists only the Hong Kong part ($13.96 billion).[1][8] No suitable video from an authoritative channel was found, so the icon is shown instead.

#7

NTT DoCoMo — $18.1 billion

NTT’s mobile arm listed on the Tokyo Stock Exchange in October 1998 at ¥3.9 million a share, raising about ¥2.1 trillion, of which only part went to DoCoMo itself and the rest to its parent. Dollar figures vary with the exchange rate used: $18.1 billion is Reuters’ and Renaissance Capital’s, while Goldman Sachs, a lead bank, cites $18.4 billion. NTT bought out the public shareholders in a 2020 tender offer.[1][9] No suitable video from an authoritative channel was found, so the icon is shown instead.

#8

Visa — $17.9 billion

Visa sold 406 million shares at $44 on the New York Stock Exchange in March 2008. Underwriters took the full 10% option, so its SEC filing shows 446.6 million shares sold for $19.7 billion. About $13.4 billion of the proceeds redeemed shares held by its member banks. It was the largest US IPO until Alibaba.[1][10] No suitable video from an authoritative channel was found, so the icon is shown instead.

#9

AIA Group — $17.8 billion

AIG sold all the shares in AIA Group’s Hong Kong listing, at HK$19.68, in October 2010, using the money to repay its US government rescue. The greenshoe was exercised in full on 29 October 2010, raising gross proceeds to about $20.5 billion.[1][11] No suitable video from an authoritative channel was found, so the icon is shown instead.

#10

Enel — $16.5 billion

Italy sold about a third of the state power company in Milan and New York in November 1999, at €4.3 a share. Borsa Italiana lists the sale at €16.5 billion, and CNN reported $16.4 billion at the time. Sources describe it as Europe’s largest IPO then.[1][12] No suitable video from an authoritative channel was found, so the icon is shown instead.

IPO Stock Market Capital Markets SpaceX Record-Breaking Deals

Sources

  1. Renaissance Capital, Largest Global IPOs: deal sizes at pricing for SpaceX, Aramco, Alibaba, SoftBank Corp, NTT, Visa, AIA, Enel, Facebook, General Motors, Deutsche Telekom, Rivian, Dai-ichi, LG Energy Solution. Cross-read against Dealroom’s Biggest IPOs of All Time (September 2026), which uses the same before-greenshoe rule and the combined Hong Kong and Shanghai figures for ICBC and Agricultural Bank of China.
  2. Reuters via BNN Bloomberg, The biggest IPOs in the world, from Anthropic to SpaceX, 1 June 2026 (Renaissance Capital data, and Anthropic’s confidential filing).
  3. CNBC (via Reuters coverage), SpaceX IPO raises total of $85.7 billion as underwriters exercise greenshoe, 15 June 2026; price, share count and the $75.0 billion base from Dealroom, which cites SpaceX’s Rule 424(b)(4) prospectus, and Euronews’ report of the Nasdaq debut. The CNBC page could not be opened directly; its figures were read from search results of the same Reuters story.
  4. Reuters via Focus Malaysia and Gulf News: Aramco’s greenshoe exercise on 12 January 2020, and the SAR 32 pricing.
  5. Business Standard (Bloomberg), Alibaba’s banks boost IPO size to record of $25 bn; Alibaba’s Form 6-K (net proceeds $10.0 billion).
  6. Business Standard (Reuters), SoftBank’s blockbuster IPO reaches $23.5 billion after extra share sale; first-day close from Reuters. The $21.3 billion base is Renaissance Capital’s; no second source gave that exact dollar figure.
  7. Renaissance Capital, Agricultural Bank of China prices record-breaking $19.2 billion IPO; IFR for the $22.1 billion total after both greenshoes.
  8. FinanceAsia, ICBC surprises no one by pricing record IPO at the top, and Euromoney’s Deals that changed the market in 2006: $19.1 billion base, $21.9 billion with the greenshoe.
  9. Goldman Sachs, 1998: NTT DoCoMo ($18.4 billion; price per share), and RCR Wireless, NTT DoCoMo launches largest IPO in Japanese history (about ¥2.1 trillion, $17.95 billion). The $18.1 billion is Renaissance Capital’s and Reuters’; the 2020 tender offer is from Dealroom.
  10. Visa Inc., Form 10-Q, 2008 (446.6 million shares at $44, $19.7 billion, $13.4 billion redemption); NBC News for the $17.9 billion base.
  11. American International Group, Form 8-K, October 2010 (HK$19.68; $17.8 billion), and FinanceAsia, AIA gains 17.1% on day one, greenshoe exercised ($20.51 billion).
  12. Borsa Italiana, Facts and figures 2000 (€16,549.8 million), and CNN Money, Enel: not electrifying (€4.3 a share; $16.4 billion).
  13. Yahoo Finance and Quartz coverage of SK hynix’s Nasdaq ADR listing (177.9 million ADRs at $149, about $26.5 billion, July 2026); Reuters via Investing.com for pricing. The listing is excluded from the ranking as described above.
  14. CNN Money, GM IPO pricing, and Bloomberg, General Motors Gains in NYSE Return: 478 million common shares at $33; $4.35 billion in preferred; the greenshoe added $2.37 billion of common and $650 million of preferred. Facebook, Rivian, Dai-ichi Life and LG Energy Solution were checked against Renaissance Capital and Reuters, IFR, Rivian’s pricing release and Simpson Thacher’s announcement; Deutsche Telekom only against Renaissance Capital and the company’s issue price.
  15. Videos: Reuters, Bloomberg Television and the Financial Times on YouTube; each ID was checked for channel and title. The other top-10 entries had no suitable authoritative video found.