The ten largest initial public offerings ever, ranked by base-deal proceeds in nominal US dollars, from SpaceX ($75.0 billion in 2026) to Enel ($16.5 billion in 1999).
SpaceX's June 2026 Nasdaq listing is the largest IPO ever, raising $75.0 billion before the over-allotment option. Saudi Aramco is second at $25.6 billion (2019) and Alibaba third at $21.8 billion (2014). The ranking uses base-deal proceeds at pricing, excluding greenshoes, in nominal US dollars, as of October 2026.
An initial public offering is a company's first sale of shares to the public. This list ranks the ten largest by money raised. SpaceX's June 2026 listing broke Saudi Aramco's 2019 record by a wide margin; the rest of the top ten is dominated by state-linked companies and Chinese banks. Every figure uses the same basis: proceeds at pricing for the base deal, before any over-allotment (greenshoe) option, in US dollars at the time, not adjusted for inflation. Where a greenshoe was exercised, the larger total is given in the entry for comparison.
SpaceX priced 555.6 million shares at $135 on 11 June 2026, raising $75.0 billion before the over-allotment option, nearly three times the previous record. Reports put the total at about $85.7 billion to $86.2 billion once the greenshoe was counted.
Saudi Aramco raised $25.6 billion at pricing in December 2019, the record until SpaceX. Exercise of the greenshoe in January 2020 took the total to $29.4 billion.
Alibaba sold shares at $68 on the New York Stock Exchange in September 2014, raising $21.8 billion before the greenshoe and about $25 billion with it. Its 2019 Hong Kong listing was a secondary listing and is not counted.
SoftBank Group listed its Japanese mobile unit in Tokyo in December 2018 at 1,500 yen a share, raising $21.3 billion before the over-allotment and $23.5 billion with it.
Agricultural Bank of China sold shares in Shanghai and Hong Kong at the same time in July 2010. The two tranches together raised $19.2 billion before the greenshoe and $22.1 billion after it.
ICBC's simultaneous Hong Kong and Shanghai offering raised $19.1 billion in its base deal ($13.9 billion of H shares and $5.1 billion of A shares), then the largest IPO ever. With over-allotment it reached about $21.9 billion.
NTT DoCoMo, the mobile arm of Nippon Telegraph and Telephone, listed in Tokyo in October 1998. Published figures for the deal range from $18.0 billion to $18.4 billion depending on the exchange rate used; it ranks seventh on any of them. NTT took DoCoMo private in 2020.
Visa sold 406 million shares at $44 in March 2008, raising $17.9 billion before the over-allotment, then the largest IPO in US history.
AIG spun off its Asian life insurer AIA in Hong Kong in October 2010 to help repay its US government bailout. The base deal raised $17.8 billion, about $20.5 billion with the over-allotment.
Italy partly privatised the electricity company Enel in November 1999 with a listing in Milan and New York. Most league tables give $16.5 billion; one gives $17.4 billion. It ranks tenth on either figure, ahead of Facebook's $16.0 billion 2012 IPO.
| # | Name | Exchange | Priced | Sector |
|---|---|---|---|---|
| 1 | SpaceX | Nasdaq | June 2026 | Aerospace / satellite internet |
| 2 | Saudi Aramco | Tadawul (Saudi Exchange) | December 2019 | Energy |
| 3 | Alibaba Group | NYSE | September 2014 | Technology / e-commerce |
| 4 | SoftBank Corp. | Tokyo Stock Exchange | December 2018 | Telecommunications |
| 5 | Agricultural Bank of China | Shanghai + Hong Kong | July 2010 | Banking |
| 6 | Industrial and Commercial Bank of China (ICBC) | Hong Kong + Shanghai | October 2006 | Banking |
| 7 | NTT DoCoMo | Tokyo Stock Exchange | October 1998 | Telecommunications |
| 8 | Visa | NYSE | March 2008 | Financials / payments |
| 9 | AIA Group | Hong Kong Stock Exchange | October 2010 | Insurance |
| 10 | Enel | Milan + NYSE | November 1999 | Utilities |
IPOs are ranked by base-deal gross proceeds at pricing, in nominal US dollars, excluding over-allotment (greenshoe) shares, which are only sometimes exercised. Simultaneous dual listings of a first-time offering (Agricultural Bank of China, ICBC, Enel) count as one IPO and their tranches are combined. Later listings by companies that were already public are excluded: SK hynix's $26.5 billion Nasdaq ADR offering of July 2026 is not counted because SK hynix has been listed in Seoul since 1996, and Alibaba's 2019 Hong Kong listing is likewise excluded. Figures follow the Renaissance Capital and Dealroom all-time tables, with SpaceX's pricing taken from its June 2026 announcement as reported by IPO Scoop and Bloomberg, and ICBC's from contemporary FinanceAsia coverage. Two deals have conflicting published figures (NTT DoCoMo, $18.0-18.4 billion; Enel, $16.5-17.4 billion); neither range changes the order.
SpaceX, which raised $75.0 billion on Nasdaq in June 2026 before the over-allotment option, nearly three times Saudi Aramco's $25.6 billion base deal in 2019. Including the greenshoe, reports put SpaceX at about $85.7 billion to $86.2 billion.
SK hynix's $26.5 billion Nasdaq offering in July 2026 was a sale of American depositary shares by a company listed in Seoul since 1996. It was not the company's first public offering, so it does not count as an IPO here.
Some lists include the over-allotment (greenshoe) option, which lets underwriters sell up to about 15% more shares. Saudi Aramco, for example, raised $25.6 billion at pricing and $29.4 billion after the greenshoe. This list uses the base deal for every IPO.
When a company sells shares on two exchanges at the same time as its first offering, the tranches are added together. Agricultural Bank of China's Shanghai and Hong Kong tranches total $19.2 billion before the greenshoe.
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