Before Elon Musk’s SpaceX, these were the world’s 5 largest IPOs

This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble.

The coming initial public offering (IPO) from Elon Musk’s SpaceX, which is expected to break fundraising records on Friday with a size of around US$75 billion, marks the phenomenal rise of tech giants in the global capital markets.

Previous blockbuster IPOs, as listed below, were spread across oil, e-commerce, finance and manufacturing sectors. Here is a list of the biggest five.

Saudi Aramco

Saudi Arabian oil company Aramco sits atop the IPO rankings after its December 2019 market debut. The oil giant raised a record US$29.4 billion on the Tadawul stock exchange.

Aramco’s listing formed a key part of Crown Prince Mohammed bin Salman’s Vision 2030 programme to diversify the kingdom’s economy and strengthen public finances.

However, only about 1.5 per cent of the company was ultimately floated. Demand came largely from domestic and regional investors, while some international fund managers remained cautious about its valuation and long-term growth prospects.

Alibaba Group Holding

The Chinese e-commerce giant raised US$25 billion in its September 2014 debut on the New York Stock Exchange.