Will Spacex Become the Next Visa OrFail to Dazzle Like Other IPO Giants? Inside The World’s Biggest Listings

Mumbai, May 23: When SpaceX finally launches its much-anticipated IPO, investors will be watching not just whether it can break fundraising records, but whether it can deliver the kind of long-term wealth creation seen in some of history’s biggest public offerings.

Among the largest IPOs ever, Visa has emerged as the standout performer. Since debuting in 2008 at $44 per share, Visa’s stock has surged to around $331, delivering gains of more than 650% and far outperforming many other mega listings that struggled after their market debuts.

That track record could offer a glimpse into what investors hope to see from SpaceX, which is reportedly seeking a valuation of nearly $2 trillion in what could become the biggest IPO in history. Elon Musk’s reusable rocket and satellite company filed its long-awaited prospectus on Wednesday and is aiming to raise around $75 billion nearly three times the current IPO record held by Saudi Aramco.

The blockbuster listing comes at a crucial time for global equity markets. IPO activity has remained subdued since late 2021 as rising inflation, elevated interest rates and geopolitical uncertainty dampened investor appetite for risky assets. However, enthusiasm surrounding artificial intelligence and next-generation technology companies has revived expectations for a new wave of high-profile listings.

While several mega IPOs have faded after debuting with massive valuations, others particularly dominant platform businesses like Visa went on to generate enormous shareholder returns over time. As SpaceX prepares for what could be a record-shattering market debut, investors will be closely watching whether it becomes another oversized listing or the next transformational long-term winner.

Here’s a look at the biggest IPOs in history.

Saudi Aramco

IPO Date: December 5, 2019

Capital Raised: $25.6 billion

Saudi Aramco, formally known as Saudi Arabian Oil Company, is among the world’s largest energy producers, engaged in the exploration, production and sale of crude oil and natural gas. The company ranked among the top global corporations on the Forbes Global 2000 list and continues to be one of the most valuable listed firms worldwide.

Aramco made history in December 2019 when it launched what remains the world’s largest IPO. The company raised an initial$25.6 billion by selling 3 billion shares on the Saudi Stock Exchange, with the offering later expanding to about $29.4 billion after additional shares were sold.

The listing dethroned Alibaba Group as the world’s biggest IPO and marked a major milestone in Saudi Arabia’s economic diversification plans.

Saudi Aramco priced its IPO at 32 riyals per share ($8.53). The stock currently trades at around 27.84 riyals, representing a decline of about 13% from its listing price.

Saudi authorities chose to list the company domestically rather than pursue an overseas listing, a move aimed at ensuring greater local ownership and participation in the kingdom’s flagship energy giant.

The stock is 13% down since its IPO price in December 2019. Source: saudiexchange.sa

Alibaba

IPO Date: September 18, 2014

Capital Raised: $21.8 billion

Alibaba Group made history with its blockbuster 2014 debut on the New York Stock Exchange, raising about $25 billion and becoming the world’s largest IPO at the time a record later surpassed by Saudi Aramco.

The Chinese technology giant initially raised $21.8 billion before underwriters exercised an option to sell additional shares, pushing the total deal size to around $25 billion. The IPO generated massive global investor interest, driven by Alibaba’s rapid growth and ambitions to expand beyond China into major international markets such as Europe and the United States.

Alibaba priced its IPO at $68 per share. The stock currently trades at around $131.47, marking a rise of 93.34%.

Founded by Jack Ma, Alibaba built a diversified technology empire spanning e-commerce, retail, logistics and digital entertainment.

Its major businesses include AliExpress, a global e-commerce marketplace often compared with Amazon; Freshippo, a retail chain integrating online and offline shopping experiences; and Youku, one of China’s leading long-form video streaming platforms.

Despite most large technology firms favouring the Nasdaq exchange, Alibaba chose the NYSE for its landmark listing. The IPO was primarily underwritten by Credit Suisse and became a defining moment for Chinese companies seeking global investor participation.

The stock has risen 93% since its IPO price in September 2014. Above is the zigzag for the five year data. Source: NYSE 

SoftBank

IPO Date: December 10, 2018

Capital Raised: $21.3 billion

SoftBank Corp., founded in 1986 and headquartered in Tokyo, is one of Japan’s largest telecommunications companies, offering mobile and fixed-line communication services, internet connectivity and mobile device sales.

The company made its stock market debut in December 2018 with a blockbuster IPO on the Tokyo Stock Exchange, raising more than $21 billion and becoming one of the largest public offerings globally at the time.

SoftBank Corp priced its IPO at 1,500 yen per share. The stock currently trades at around 6,757 yen, representing a rise of roughly 350%.

Despite the scale of the offering, the company’s shares had a weak market debut, tumbling about 14.5% on the first day of trading amid concerns over valuation and market conditions.

The IPO nevertheless marked a significant milestone for the broader SoftBank Group empire led by Masayoshi Son, whose aggressive investments in technology companies have made SoftBank one of the most influential investors in the global tech industry.

Stock data starting from March 2020. Stock is 350% above its IPO price in 2018. Source: Tokyo Stock Exchange 

NTT Mobile Communication Network

IPO Date: October 22, 1998

Capital Raised: $18.1 billion

NTT DoCoMo, formally known as NTT Mobile Communication Network, is a Tokyo-based telecom operator that went public in October 1998 in one of the largest IPOs of its time.

The company unveiled its listing plans during the height of the 1997 Asian financial crisis, but still managed to attract strong investor interest and secured Goldman Sachs as part of its underwriting syndicate.

At the time of the IPO, NTT DoCoMo controlled roughly 57% of Japan’s mobile telecommunications market, helping it achieve the country’s third-largest market capitalisation following its stock market debut.

The company was previously listed on the New York Stock Exchange through American Depository Shares (ADS), before officially delisting them in April 2018.

Visa

IPO Date: March 18, 2008

Capital Raised: $17.4 billion

Visa, headquartered in San Francisco, is one of the world’s largest payment processing networks, enabling debit and credit card transactions across more than 70 million merchant locations globally.

The company made its stock market debut in 2008 during the height of the global financial crisis, a period when investor sentiment toward financial companies was severely strained. Despite the turbulent environment, Visa’s IPO emerged as one of the largest in history, raising nearly $17.4 billion through the sale of about 406 million shares.

Visa priced its IPO at $44 per share. The stock currently trades at around $331.12, representing a rise of 652%.

A key factor behind investor confidence in Visa has been its business model, which differs from traditional financial institutions. Unlike banks and lenders, Visa does not directly lend money to consumers and therefore avoids exposure to loan defaults or delayed repayments.

Instead, the company primarily earns revenue through payment processing and transaction fees, benefiting from the steady global shift toward digital payments and cashless transactions.

Above is the five year zigzag for the Visa stock, which has risen over 650% since its IPO price in 2008. Source: NYSE

Source:

• Tokyo Stock Exchange
• NYSE
• saudiexchange.sa