The ten largest initial public offerings in history, ranked by total proceeds raised at pricing, from the record-breaking SpaceX listing to Alibaba's landmark debut.
Updated July 31, 202610 ranked3 sources
Quick answer: 1. SpaceX, 2. SK hynix, 3. Saudi Aramco, 4. Alibaba Group (NYSE), 5. SoftBank Corp., 6. NTT Mobile (NTT DoCoMo), 7. Visa Inc., 8. AIA Group (American International Assurance), 9. ENEL SpA, 10. Facebook (Meta Platforms).
Initial public offerings represent a company's first sale of stock to the public, and the largest IPOs in history have raised tens of billions of dollars in a single day. The global IPO market has seen enormous listings from technology companies, state-owned enterprises, and financial institutions. SpaceX's 2026 IPO set a new all-time record, surpassing Saudi Aramco's 2019 listing, as the line between public and private capital markets continues to blur.
This list ranks the top ten IPOs of all time by gross proceeds raised at the offering price, before any exercise of underwriter overallotment options. Data is sourced from Renaissance Capital's historical league table and verified against company filings, with proceeds converted to US dollars at the exchange rate in effect at the time of each offering.
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Proceeds raised ($ billions)
Proceeds raised ($ billions)
SpaceX
75 billion USD
SK hynix
26.5 billion USD
Saudi Aramco
25.6 billion USD
Alibaba Group (NYSE)
21.8 billion USD
SoftBank Corp.
21.3 billion USD
NTT Mobile (NTT DoCoMo)
18.1 billion USD
Visa Inc.
17.9 billion USD
AIA Group (American International Assurance)
17.8 billion USD
ENEL SpA
16.5 billion USD
Facebook (Meta Platforms)
16 billion USD
The ranking
1
SpaceX
SpaceX's IPO on June 11, 2026, raised a staggering $75 billion on the Nasdaq, making it by far the largest IPO in history — nearly three times the previous record. The offering was led by Goldman Sachs and valued the rocket and satellite company at over $350 billion. The record-setting IPO reflected investor enthusiasm for SpaceX's dominant position in commercial space launch, its Starlink satellite internet business, and its Starship development program. The listing was the most anticipated public debut of the decade.
SK hynix's IPO on July 9, 2026, raised $26.5 billion on the Nasdaq, driven by the semiconductor boom fueled by AI chip demand. The South Korean memory chip maker's listing was the second largest ever. The company had been a major beneficiary of the AI infrastructure buildout, with its high-bandwidth memory (HBM) chips becoming essential components for AI accelerators. The IPO was led by Bank of America and represented the largest technology IPO in history at the time.
Exchange: NasdaqOffer date: July 9, 2026Sector: Technology / SemiconductorsLead underwriter: Bank of America
3
Saudi Aramco
Saudi Aramco's IPO on December 5, 2019, on the Saudi Stock Exchange (Tadawul) raised $25.6 billion, making it the largest IPO in history at the time. The listing of the world's most profitable oil company was a cornerstone of Saudi Arabia's Vision 2030 economic diversification plan. The IPO was heavily supported by Middle Eastern and domestic investors, with international demand falling short of the government's initial expectations. The deal was led by Citi and valued the company at approximately $1.7 trillion.
Exchange: Tadawul (Saudi Arabia)Offer date: December 5, 2019Sector: Energy / Oil & GasLead underwriter: Citi
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4
Alibaba Group (NYSE)
Alibaba's IPO on September 18, 2014, on the New York Stock Exchange raised $21.8 billion, at the time the largest IPO in US history. The Chinese e-commerce giant's debut was a landmark moment for technology investing, with shares priced at $68 and surging 38% on the first day of trading. The offering was led by Credit Suisse and Morgan Stanley, and it marked the culmination of years of anticipation around Alibaba's eventual public listing. The company later raised an additional $11.2 billion in a secondary Hong Kong listing in 2019.
SoftBank Corp.'s IPO on December 10, 2018, on the Tokyo Stock Exchange raised $21.3 billion, making it the largest IPO in Japanese history. The mobile communications arm of Masayoshi Son's SoftBank Group was carved out and listed separately, with shares priced at ¥1,500. The listing was intended to unlock value from SoftBank's telecom business while the parent company focused on its Vision Fund technology investments. The IPO was led by Nomura Securities and was heavily marketed to Japanese retail investors.
Exchange: Tokyo Stock ExchangeOffer date: December 10, 2018Sector: Communication Services / TelecomLead underwriter: Nomura
6
NTT Mobile (NTT DoCoMo)
NTT DoCoMo's IPO on October 22, 1998, on the Tokyo Stock Exchange raised $18.1 billion, making it the largest IPO in the world at the time. The mobile phone subsidiary of Nippon Telegraph and Telephone was listed at the height of Japan's mobile internet boom, with the company's i-mode service leading the world in mobile data. The IPO was underwritten by Goldman Sachs (Asia). Twenty-two years later, NTT bought out minority shareholders in a $40 billion tender offer, delisting DoCoMo in December 2020.
Exchange: Tokyo Stock ExchangeOffer date: October 22, 1998Sector: Communication Services / TelecomLead underwriter: Goldman Sachs (Asia)
7
Visa Inc.
Visa's IPO on March 18, 2008, on the New York Stock Exchange raised $17.9 billion, making it the largest US IPO at the time. The global payments processor went public just months before the financial crisis, but its recession-resistant business model — processing consumer payments regardless of economic conditions — helped it weather the storm. The offering was led by JPMorgan and priced at $44 per share. Visa has since become one of the most valuable companies in the world, with a market capitalization exceeding $600 billion.
AIA Group's IPO on October 21, 2010, on the Hong Kong Stock Exchange raised $17.8 billion, making it the third-largest IPO in history at the time. The pan-Asian insurance arm of American International Group (AIG) was spun off as part of AIG's post-financial-crisis restructuring. The IPO was a crucial step in AIG's plan to repay its US government bailout. The offering was led by Citi and was heavily oversubscribed, reflecting strong institutional demand for Asian insurance exposure.
Exchange: Hong Kong Stock ExchangeOffer date: October 21, 2010Sector: Financials / InsuranceLead underwriter: Citi
9
ENEL SpA
ENEL's IPO on November 1, 1999, on the NYSE raised $16.5 billion as part of the Italian government's privatization program. The state-owned electricity utility was partially listed on both the Milan Stock Exchange and NYSE, with the Italian government retaining a controlling stake. The offering was led by Merrill Lynch. ENEL's privatization was one of the largest state asset sales in European history and marked a significant step in the liberalization of European energy markets.
Exchange: NYSE / Milan Stock ExchangeOffer date: November 1, 1999Sector: Utilities / EnergyLead underwriter: Merrill Lynch
10
Facebook (Meta Platforms)
Facebook's IPO on May 17, 2012, on the Nasdaq raised $16 billion, making it the largest technology IPO in US history at the time. The social media company priced at $38 per share, valuing it at $104 billion. The IPO was marred by technical glitches on the Nasdaq exchange and a subsequent decline in the stock price, which fell below $20 within months. Despite the rocky start, Facebook's stock recovered dramatically as the company successfully monetized mobile advertising, and the company (now Meta Platforms) has grown to a market capitalization exceeding $1 trillion.
Exchange: NasdaqOffer date: May 17, 2012Sector: Technology / Social MediaLead underwriter: Morgan Stanley
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Full comparison
#
Name
Exchange
Offer date
Sector
Lead underwriter
1
SpaceX
Nasdaq
June 11, 2026
Industrials / Space
Goldman Sachs
2
SK hynix
Nasdaq
July 9, 2026
Technology / Semiconductors
Bank of America
3
Saudi Aramco
Tadawul (Saudi Arabia)
December 5, 2019
Energy / Oil & Gas
Citi
4
Alibaba Group (NYSE)
NYSE
September 18, 2014
Technology / E-commerce
Credit Suisse
5
SoftBank Corp.
Tokyo Stock Exchange
December 10, 2018
Communication Services / Telecom
Nomura
6
NTT Mobile (NTT DoCoMo)
Tokyo Stock Exchange
October 22, 1998
Communication Services / Telecom
Goldman Sachs (Asia)
7
Visa Inc.
NYSE
March 18, 2008
Financials / Payments
JPMorgan
8
AIA Group (American International Assurance)
Hong Kong Stock Exchange
October 21, 2010
Financials / Insurance
Citi
9
ENEL SpA
NYSE / Milan Stock Exchange
November 1, 1999
Utilities / Energy
Merrill Lynch
10
Facebook (Meta Platforms)
Nasdaq
May 17, 2012
Technology / Social Media
Morgan Stanley
How we ranked this
IPOs are ranked by the nominal amount of capital raised at the pricing date, in US dollars, excluding any greenshoe or overallotment option exercises. Data is sourced from Renaissance Capital's IPO Center historical league table, verified against original SEC filings and exchange disclosures. For dual-listed offerings (e.g., Agricultural Bank of China on both Hong Kong and Shanghai exchanges), the combined proceeds are counted. Non-US listings are converted to USD using the prevailing exchange rate at the time of the offering. All figures are nominal and not adjusted for inflation.
FAQ
What is the largest IPO of all time?
SpaceX's IPO in June 2026 is the largest of all time, raising $75 billion on the Nasdaq. That is nearly three times the amount raised by the previous record holder, Saudi Aramco ($25.6 billion in 2019).
How do dual-listed IPOs like Agricultural Bank of China get counted?
Dual-listed IPOs are counted by their combined proceeds. Agricultural Bank of China raised $10.4 billion on the Hong Kong Exchange and $8.8 billion on the Shanghai Exchange, totaling $19.2 billion, which would rank among the top IPOs if combined.
What happened to the largest IPOs after they went public?
Of the 25 largest global IPOs, 20 still trade as independent companies. Five were acquired or taken private: NTT DoCoMo was bought out by its parent, EDF was renationalized by France, AT&T Wireless was acquired by Cingular, and Glencore and Kraft were transformed by megamergers.