FACTBOX - From Aramco to Alibaba: Biggest IPOs in history before SpaceX’s planned market debut

SpaceX, led by Elon Musk, is preparing for an initial public offering (IPO) that could exceed all previous records, with a potential valuation of $1.75 trillion and proceeds of $75 billion. The listing price will be finalized late Thursday, with trading expected to begin on Friday. The current largest IPO belongs to Saudi Aramco, which raised $29.4 billion in 2019, including additional shares sold via a greenshoe option. The Saudi state-owned oil giant’s listing was a key part of Crown Prince Mohammed bin Salman’s Vision 2030 economic diversification plan, though only 1.5% of its shares were offered to the public. Before Aramco, Alibaba’s 2014 IPO on the New York Stock Exchange raised $25 billion, marking a landmark for global tech listings and expanding international access to China’s booming consumer internet market. The deal helped solidify New York as a hub for major Chinese technology firms before regulatory tensions between the US and China later complicated such listings. SoftBank Corp.’s 2018 IPO raised $23.5 billion, becoming Japan’s largest and one of the biggest globally, as the company shifted from a domestic telecom operator to a global tech investor. Despite the record proceeds, shares dropped sharply on the first trading day, reflecting investor concerns over regulation, dividends, and corporate strategy. Other major IPOs include Agricultural Bank of China’s $22.1 billion debut in 2010 and Industrial and Commercial Bank of China’s (ICBC) $21.9 billion listing in 2006, both reflecting China’s expanding financial influence. ICBC’s dual listing in Hong Kong and Shanghai was seen as a milestone in China’s banking reforms and global financial integration. Visa’s 2008 IPO initially raised $17.9 billion, later increasing to $19.7 billion after additional shares were sold, making it the largest US IPO at the time. These historic IPOs highlight the financial scale and strategic importance of major corporate listings across sectors, with SpaceX poised to redefine the record once again.