'Biggest IPO' has different winners: SpaceX on cash ($75–86B), SpaceX ($1.77T) just ahead of Aramco (~$1.7T) on value at listing, and Facebook on what came later ($104B at its offer, about $1.5T now).
Back to the trend of the day: Claude AI maker earns $16.8 billion in three months, eyes stock market
Poly Rating · from the trend of the day
Biggest IPO Ever: SpaceX's $75B 2026 Listing & Top 10
SpaceX raised $75B at pricing (about $86B with extra shares, nearly three times Aramco's old record), and Anthropic has just booked $16.8B in one quarter, more than Facebook raised in its entire $16B IPO.
- No. 1: SpaceX IPO (2026)
- 10 places
01Final list
The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.
A bright badge means this AI put the entry on its list. A dim badge means it did not.
- 1
SpaceX IPO (2026)
Raised $75B at pricing and $85.7–86.2B with extra shares, nearly 3x Aramco, at a $1.77T valuation despite a $4.9B loss in 2025. Shares sat about 10% above the offer in mid-October.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 1 · ChatGPT: 1 · Meta: 1 · Gemini: 1 · Nova: 1 · Qwen: 1 · MiMo: 1 · DeepSeek: 1
What each AI noted 8
- Claudeplace 1
It raised about 2.6–2.9x Aramco's record and priced at $1.77T, yet it is up only about 10% from the offer price four months later.
- ChatGPTplace 1
Its $75 billion opening sale raised nearly three times Aramco's initial offer—and later extra shares lifted reports to $86.2 billion.
Source ↗ - Metaplace 1
$86.2B with overallotment, $75B base at $135, $1.77T valuation - 3x Aramco record
Source ↗ - Geminiplace 1
Raised a historic $86.2B with greenshoe at a $1.77T debut valuation, shattering Saudi Aramco's record and setting the benchmark against which Anthropic's planned $2T debut is measured.
- Novaplace 1
$85.7B raised, $1.77T valuation, Nasdaq SPCX, +19% first-day pop
Source ↗ - Qwenplace 1
Shattered the 2019 record by raising $75B, valuing the space and AI provider at $1.77T on day one with shares jumping 19%.
Source ↗ - MiMoplace 1
Raised about three times more cash than any company in history — then lost roughly 40% from its first-week peak within four months.
Source ↗ - DeepSeekplace 1
Raised $86.2B including greenshoe — nearly three times the previous record — yet the stock plunged from $226 to $108 before recovering to ~$163, a bumpy 20% gain from IPO price
8 AIs put it here - 2
Saudi Aramco IPO (2019)
The old record: $25.6B at pricing and $29.4B with extra shares, for about 1.5% of a $1.7T company that made $111B in 2018. It is now worth about $1.63T, below its listing value.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 2 · ChatGPT: 2 · Meta: 3 · Gemini: 2 · Nova: 2 · Qwen: 2 · MiMo: 2 · DeepSeek: 2
What each AI noted 8
- Claudeplace 2
It was the old record at $25.6B (or $29.4B with the extra shares) while selling only about 1.5% of the company, and it is still the biggest profit ever shown at listing, at $111B.
- ChatGPTplace 2
The former cash record was $25.6 billion at pricing, then $29.4 billion after the greenshoe.
- Metaplace 3
$29.4B with greenshoe, $25.6B base - held record 2019-2026, $1.7T valuation
Source ↗ - Geminiplace 2
Sold just 1.5% of its shares to raise $29.4B with greenshoe at a $1.70T valuation, underpinned by a staggering $111.1B in pre-listing net profit.
Source ↗ - Novaplace 2
$29.4B total proceeds, $1.5T valuation, Tadawul, -23% first-day drop
Source ↗ - Qwenplace 2
The former undisputed record-holder raised $25.6B, briefly making it the world's most valuable company at $1.7T.
- MiMoplace 2
The old record: $25.6B–$29.4B raised — SpaceX took that crown in a single day, then raised it again with the greenshoe.
- DeepSeekplace 2
The oil giant that held the IPO record for seven years — raising $29.4B at a $1.7T valuation — yet the shares have barely moved since listing, up just ~1% from the offer price
8 AIs put it here - 3
Alibaba IPO (2014)
Raised $25B with extra shares at a $167.6B offer value and popped 38% on day one, yet traded 28% below the offer a year later. It is worth about $276B today.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 3 · ChatGPT: 3 · Meta: 4 · Gemini: 3 · Nova: 3 · Qwen: 3 · MiMo: 3 · DeepSeek: 3
What each AI noted 8
- Claudeplace 3
A $68 share price valued it at $167.6B, and the first-day pop took it to about $231B, which bigger than Facebook at the time.
- ChatGPTplace 3
Its $21.8 billion initial NYSE sale became a $25 billion headline only after banks sold extra shares.
- Metaplace 4
$25B with greenshoe, $21.8B base at $68, $231B IPO-day valuation, 38% first-day pop
- Geminiplace 3
Held the US listing crown for twelve years by raising $25.0B at a $167.6B valuation, though its market cap stands at $245B today.
Source ↗ - Novaplace 3
$21.8B raised, $167.7B valuation, NYSE BABA, +48% first-day pop
Source ↗ - Qwenplace 3
Raised $25B at a $231B valuation, though its market value today remains below its listing peak, illustrating mega-cap tech volatility.
- MiMoplace 3
Raised $25B and was worth $231B on day one — still the biggest cash raise of the pre-SpaceX decade, 12 years later.
Source ↗ - DeepSeekplace 3
The Chinese e-commerce giant raised $25B at a $168B valuation — then fell 28% in its first year, making it the most disappointing mega-IPO of the decade until it recovered years later
8 AIs put it here - 4
SoftBank Corp IPO (2018)
The telecom unit (not SoftBank Group) raised $21.3–23.5B at about $64B, then fell about 15% on day one, the worst debut among the ten.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Kimi, MiMo, DeepSeek. Did not include: Qwen, Wenxin.In their lists: Claude: 4 · ChatGPT: 4 · Meta: 5 · Gemini: 4 · Nova: 4 · Kimi: 4 · MiMo: 4 · DeepSeek: 4
What each AI noted 8
- Claudeplace 4
The $21–23.5B listing fell sharply on day one. It is the largest flop on the list.
- ChatGPTplace 4
The telecom subsidiary raised $21.3 billion while its shares fell about 14.5% on their first day.
Source ↗ - Metaplace 5
$23.5B telecom spin-off, second biggest Japanese IPO after NTT
Source ↗ - Geminiplace 4
Japan's domestic wireless carve-out raised $23.5B on the eve of a nationwide network glitch, slipping 15% on its trading debut.
Source ↗ - Novaplace 4
$21.3B raised, $105B valuation, Tokyo, -10% first-day drop
Source ↗ - Kimiplace 4
Japan's $23.6B mega-float closed its first day 15% below the offer — one of the worst debuts in Tokyo history for the second-biggest IPO ever at the time.
- MiMoplace 4
Japan's telecom arm raised $21.3B in 2018 — the third-largest cash pile of the 2010s, and almost never in the 'biggest IPO' headlines.
- DeepSeekplace 4
Japan's largest-ever IPO raised $21.3B but the shares fell 14.5% on debut — a disastrous start that took years to recover from
8 AIs put it here - 5
Agricultural Bank of China IPO (2010)
Its Shanghai and Hong Kong legs raised $19.2B together, $22.1B with extra shares, briefly the world's biggest IPO. Sources put its offer value anywhere from $100B to $128B.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 5 · ChatGPT: 5 · Meta: 6 · Gemini: 5 · Nova: 6 · Qwen: 4 · MiMo: 5 · DeepSeek: 5
What each AI noted 8
- Claudeplace 5
A $22.1B listing of a state bank, bigger than Facebook and Visa combined at the time.
Source ↗ - ChatGPTplace 5
Its simultaneous Shanghai and Hong Kong legs totaled $19.2 billion at pricing, then $22.1 billion after extra shares.
- Metaplace 6
$22.1B dual Hong Kong/Shanghai, beat ICBC record at time
Source ↗ - Geminiplace 5
Anchored the recapitalization of China's Big Four banks by raising $22.1B across a simultaneous Shanghai-Hong Kong dual listing.
- Novaplace 6
$22.1B raised, $32.6B valuation, Hong Kong/Shanghai
Source ↗ - Qwenplace 4
Raised $22.1B across dual listings in Shanghai and Hong Kong, valuing the state-owned lender at approximately $200B.
- MiMoplace 5
$19.2B in 2010 — a state bank, not a tech name, that still sits in the all-time top five for cash raised.
- DeepSeekplace 5
The world's largest IPO at the time raised $19.2B and valued the bank at $127B — but the shares gained less than 1% on debut
8 AIs put it here - 6
ICBC IPO (2006)
The first simultaneous Shanghai–Hong Kong float raised $19.1B at pricing and $21.9B with extra shares: the first IPO past $20B, a record that stood for four years.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 6 · ChatGPT: 6 · Meta: 7 · Gemini: 6 · Nova: 7 · Qwen: 5 · MiMo: 6 · DeepSeek: 6
What each AI noted 8
- Claudeplace 6
The earliest listing here, in 2006 at $21.9B after its over-allotment, and the first to pass $20B.
- ChatGPTplace 6
The first simultaneous Shanghai–Hong Kong bank float raised about $19.1 billion before its expansion to $21.9 billion.
- Metaplace 7
$21.9B, China's biggest bank IPO, still $35B inflation-adjusted
Source ↗ - Geminiplace 6
Pioneered the simultaneous A+H dual listing raising $21.9B ($34.1B inflation-adjusted) and surged 85.6% in its first market year.
Source ↗ - Novaplace 7
$21.9B raised, $34.9B valuation, Hong Kong/Shanghai
Source ↗ - Qwenplace 5
The Industrial and Commercial Bank of China raised $21.9B, cementing its status as the world's largest bank by assets at listing.
- MiMoplace 6
$19.1B in 2006 money — in 2026 it is still the world's largest bank by assets ($7.65T), two decades after listing.
- DeepSeekplace 6
The world's largest bank by assets raised $19.1B in the first-ever simultaneous A+H share listing, paving the way for Chinese mega-IPOs
8 AIs put it here - 7
AIA Group IPO (2010)
Estimate: AIG's Asian insurer raised $17.8B, or $20.5B with extra shares, selling roughly two-thirds of a ~$30B company. Shares were about 20% higher a year later.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Kimi, MiMo, DeepSeek. Did not include: Qwen, Wenxin.In their lists: Claude: 7 · ChatGPT: 9 · Meta: 8 · Gemini: 7 · Nova: 8 · Kimi: 7 · MiMo: 9 · DeepSeek: 9
What each AI noted 8
- Claudeplace 7
A $20.5B insurer listing that was nearly three times the size of Facebook's later $16B raise.
Source ↗ - ChatGPTplace 9
The insurer's $17.8 billion starting sale grew to about $20.5 billion after extra shares.
- Metaplace 8
$20.5B Hong Kong, largest insurer IPO, $30.27B inflation-adjusted
Source ↗ - Geminiplace 7
Spun off from AIG following its US government bailout, raising $20.5B in Hong Kong and advancing 18.4% in its inaugural year.
Source ↗ - Novaplace 8
$20.5B raised, $30.3B valuation, Hong Kong
Source ↗ - Kimiplace 7
AIG's crown jewel raised $20.5B in Hong Kong just two years after its parent's bailout — the largest insurance IPO ever.
Source ↗ - MiMoplace 9
$17.8B from Hong Kong in 2010 — Asia's largest insurance listing, and still ahead of Facebook's $16B.
- DeepSeekplace 9
The insurance giant's $17.8B Hong Kong IPO valued it at $115B — and it has delivered over 220% since listing, quietly one of the best-performing Asian mega-IPOs
8 AIs put it here - 8
Visa IPO (2008)
Raised $17.9B at pricing ($19.1–19.7B with extra shares) as the financial crisis hit, after a litigation-driven loss. Now worth about $708B, the long-run standout of the ten.
Included it: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, MiMo, DeepSeek. Did not include: Kimi, Wenxin.In their lists: Claude: 9 · ChatGPT: 8 · Meta: 9 · Gemini: 9 · Nova: 9 · Qwen: 6 · MiMo: 8 · DeepSeek: 8
What each AI noted 8
- Claudeplace 9
The $17.9B raise grew to $19.7B after the extra shares, so the listing's size depends on which number you take.
- ChatGPTplace 8
The payments network sold $17.9 billion of shares during the financial crisis, despite a pre-listing litigation-driven net loss.
Source ↗ - Metaplace 9
$19.7B US record at time, $29.46B inflation-adjusted, held US record until Facebook
Source ↗ - Geminiplace 9
Braved the onset of the 2008 Great Financial Crisis to raise $17.9B, returning +28.4% in year one and compounding into a $590B global network.
- Novaplace 9
$19.7B raised, $29.5B valuation, NYSE V, +92% first-day pop
Source ↗ - Qwenplace 6
Raised $19.7B at an $80B valuation, remaining the largest US financial services IPO and launching a stock that multiplied in value over the next decade.
- MiMoplace 8
Raised $17.9B in the middle of the financial crisis — and Visa is still one of the most profitable IPOs ever made.
- DeepSeekplace 8
The payment network raised $17.9B in the largest US IPO ever at the time — and has since delivered over 3,000% in total returns, making it the best-performing mega-IPO in history
8 AIs put it here - 9
NTT DoCoMo IPO (1998)
The $18.1–18.4B mobile float of 1998 is worth $35–38B in today's money, more in real terms than Aramco's $25.6B initial sale. NTT took it private in 2020.
Included it: ChatGPT, Gemini, Kimi, MiMo, DeepSeek. Did not include: Claude, Meta, Nova, Qwen, Wenxin.In their lists: ChatGPT: 7 · Gemini: 8 · Kimi: 10 · MiMo: 7 · DeepSeek: 7
What each AI noted 5
- ChatGPTplace 7
Its roughly $18 billion sale is about $37–38 billion in September 2026 dollars—the largest pre-SpaceX entry here on that inflation basis.
- Geminiplace 8
Japan's mobile telecom pioneer raised $18.4B ($35.5B in 2026 dollars) and soared 115% in year one before NTT took it private in 2020.
Source ↗ - Kimiplace 10
Inflation-adjusted, 1998's $18.05B mobile float was the biggest IPO of the 20th century — ~$28.7B in 2020 dollars, more than Aramco — until SpaceX tripled past it.
- MiMoplace 7
$18.4B in 1998 — the only 1990s offering still in the all-time top 10, and the one that most needs an inflation correction.
- DeepSeekplace 7
Japan's mobile phone giant raised $18.4B at the peak of the telecom boom — the shares jumped 19% on day one and the company became Japan's third-largest by market cap
5 AIs put it here - 10
General Motors IPO (2010)
Relisted 16 months after bankruptcy: $18.15B in Wikipedia's table, $15.8B base, or about $20.1B counting all share classes, which would lift it to #8.
Included it: Claude, Nova, Qwen, Kimi. Did not include: ChatGPT, Meta, Gemini, Wenxin, MiMo, DeepSeek.In their lists: Claude: 8 · Nova: 10 · Qwen: 8 · Kimi: 9
What each AI noted 4
- Claudeplace 8
The biggest US listing before Alibaba, at $20.1B, after the government rescue.
Source ↗ - Novaplace 10
$18.15B raised, $26.8B valuation, NYSE GM, +150% since IPO
Source ↗ - Qwenplace 8
Raised $18.1B following its 2009 bankruptcy, a landmark government-backed listing that valued the automaker at roughly $40B.
- Kimiplace 9
A bankrupt company relisted for $18.15B sixteen months after Chapter 11 — the biggest US IPO of its era and the Treasury's exit ramp.
Source ↗
4 AIs put it here
02Worth knowing
What the AIs noticed while building the list.
Anthropic's planned listing is reported anywhere from about $60B to up to $100B raised at ~$2T. One report expects a slip until after the US midterms; another says as early as the week of 9 Nov.
Inflation reorders the list: NTT DoCoMo's 1998 float, at about $18B, is worth about $37–38B in Sept 2026 dollars, above Aramco's initial sale in real terms.
Size is not destiny: Facebook spent over a year below its $38 offer and Alibaba was 28% below its offer after a year. Four of the five biggest inflation-adjusted IPOs lagged the market; Visa was the exception.
Aramco raised $29.4B selling about 1.5% of the company, while SoftBank Corp sold roughly a third of its telecom unit to raise $21–23.5B.
03Questions people ask
what is the biggest ipo in history
SpaceX's June 2026 Nasdaq IPO: $75B at pricing and $85.7B after extra shares ($86.2B in a Bloomberg roundup), at about $1.77T.
what was the biggest ipo in history
Before SpaceX it was Saudi Aramco in December 2019: $25.6B at pricing, $29.4B with the greenshoe. Sources differ because some count the extra shares and some do not.
what is the biggest ipo in us history
SpaceX, at $75B in 2026. Before it, the largest US listing was Alibaba's NYSE IPO in 2014 (about $25B with extra shares), and the largest by a US company was Visa's in 2008 (about $17.9–19.7B).
what is the biggest ipo valuation in history
SpaceX, at about $1.77T at its $135 offer price, just above Saudi Aramco's ~$1.7T in 2019. Anthropic's ~$2T is a target, not a completed listing.
Source ↗04How we counted
In plain words, no formulas.
1The question
Top 10 biggest IPOs ever: cash raised, company value at listing, and what the shares did next
2Why this topic
Record lists rank by cash raised only. This one adds company value at listing, the revenue behind it and how the shares did afterward, so readers can see which record listings had a real business behind them.
3Where it applies
global stock market listings, all industries, with Anthropic's planned listing shown for comparison
4What we looked at
- Cash raised at listing, nominal and adjusted for inflation, with each figure tied to a named source
- Company value implied by the offer price
- Share-price change after one year, and market value today
- Revenue and profit in the last full year before listing
- Bloomberg-compiled IPO data (via KuCoin News) — 2026 proceeds including extra shares: SpaceX $86.2B
- Anadolu Agency factbox — Proceeds including greenshoe: Aramco $29.4B, Alibaba $25B, SoftBank Corp $23.5B
- Renaissance Capital global IPO table — Proceeds at pricing excluding over-allotment, with implied offer values. Chinese A- and H-share legs are listed separately
- Wikipedia IPO table — Proceeds after over-allotment, nominal and inflation-adjusted
5Who ranked
The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Meta, Gemini, Nova, Qwen, Kimi, Wenxin, MiMo, DeepSeek.
6How the places were set
The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.
05Each AI's own list
🇺🇸 Claude10 places · 3 notes
The same question, answered by Claude alone. The final list above combines all the AIs.
- 1SpaceX IPO (Nasdaq, June 2026)
It raised about 2.6–2.9x Aramco's record and priced at $1.77T, yet it is up only about 10% from the offer price four months later.
- 2Saudi Aramco IPO (Riyadh, December 2019)
It was the old record at $25.6B (or $29.4B with the extra shares) while selling only about 1.5% of the company, and it is still the biggest profit ever shown at listing, at $111B.
- 3Alibaba IPO (NYSE, September 2014)
A $68 share price valued it at $167.6B, and the first-day pop took it to about $231B, which bigger than Facebook at the time.
- 4SoftBank Corp. IPO (Tokyo, December 2018)
The $21–23.5B listing fell sharply on day one. It is the largest flop on the list.
- 5Agricultural Bank of China IPO (2010)
A $22.1B listing of a state bank, bigger than Facebook and Visa combined at the time.
Source ↗ - 6ICBC IPO (Hong Kong/Shanghai, 2006)
The earliest listing here, in 2006 at $21.9B after its over-allotment, and the first to pass $20B.
- 7AIA Group IPO (Hong Kong, October 2010)
A $20.5B insurer listing that was nearly three times the size of Facebook's later $16B raise.
Source ↗ - 8General Motors IPO (NYSE, November 2010)
The biggest US listing before Alibaba, at $20.1B, after the government rescue.
Source ↗ - 9Visa IPO (NYSE, March 2008)
The $17.9B raise grew to $19.7B after the extra shares, so the listing's size depends on which number you take.
- 10Facebook IPO (Nasdaq, May 2012)
The $16B raise is below NTT Docomo and Enel by cash. I included it because its $104B valuation was a record for a new listing, and the stock took until August 2013 to get back to $38.
Source ↗
What Claude noticed
Anthropic's planned listing would be the next record contender. A New York Times report says bankers pitched $100B+ at up to $2T. The Information cited about $60B earlier. Reuters expects a delay until after the midterms, while another report says as early as the week of 9 Nov.
The three 'biggest' records give three different winners. Cash raised: SpaceX ($75–86B). Value at listing: SpaceX ($1.77T), with Aramco about $1.7T close behind. Value later: Aramco peaked near $2.1T in 2023 and SpaceX is about $1.96T now.
SpaceX went from a 19% first-day gain to trading below its $135 offer price in July and back up to $148.62, a range of $104.83–225.64 in four months. It is the record raise with the least settled aftermath.
🇺🇸 ChatGPT10 places · 2 notes
The same question, answered by ChatGPT alone. The final list above combines all the AIs.
- 1SpaceX IPO, United States (2026)
Its $75 billion opening sale raised nearly three times Aramco's initial offer—and later extra shares lifted reports to $86.2 billion.
Source ↗ - 2Saudi Aramco IPO, Saudi Arabia (2019)
The former cash record was $25.6 billion at pricing, then $29.4 billion after the greenshoe.
- 3Alibaba IPO, United States (2014)
Its $21.8 billion initial NYSE sale became a $25 billion headline only after banks sold extra shares.
- 4SoftBank Corp IPO, Japan (2018)
The telecom subsidiary raised $21.3 billion while its shares fell about 14.5% on their first day.
Source ↗ - 5Agricultural Bank of China IPO, China (2010)
Its simultaneous Shanghai and Hong Kong legs totaled $19.2 billion at pricing, then $22.1 billion after extra shares.
- 6ICBC IPO, China (2006)
The first simultaneous Shanghai–Hong Kong bank float raised about $19.1 billion before its expansion to $21.9 billion.
- 7NTT DoCoMo IPO, Japan (1998)
Its roughly $18 billion sale is about $37–38 billion in September 2026 dollars—the largest pre-SpaceX entry here on that inflation basis.
- 8Visa IPO, United States (2008)
The payments network sold $17.9 billion of shares during the financial crisis, despite a pre-listing litigation-driven net loss.
Source ↗ - 9AIA IPO, Hong Kong (2010)
The insurer's $17.8 billion starting sale grew to about $20.5 billion after extra shares.
- 10Enel IPO, Italy (1999)
Italy's utility privatization raised roughly $16.5 billion, ahead of Facebook's later $16.0 billion offer.
What ChatGPT noticed
Alibaba raised more cash than most IPOs but its share price was about 28% below the offer one year later; cash raised is not a return forecast.
Anthropic's reported aim to raise near $100 billion at a roughly $2 trillion valuation would exceed SpaceX on both measures if completed at those terms. It is a proposed listing and has no place among completed IPOs.
🇺🇸 Meta10 places · 4 notes
The same question, answered by Meta alone. The final list above combines all the AIs.
- 1SpaceX 2026
$86.2B with overallotment, $75B base at $135, $1.77T valuation - 3x Aramco record
Source ↗ - 2Anthropic planned 2026
Aiming $75-100B to beat SpaceX, $2T valuation ask would be highest IPO valuation ever
Source ↗ - 3Saudi Aramco 2019
$29.4B with greenshoe, $25.6B base - held record 2019-2026, $1.7T valuation
Source ↗ - 4Alibaba Group 2014
$25B with greenshoe, $21.8B base at $68, $231B IPO-day valuation, 38% first-day pop
- 5SoftBank Group 2018 (SoftBank Corp)
$23.5B telecom spin-off, second biggest Japanese IPO after NTT
Source ↗ - 6Agricultural Bank of China 2010
$22.1B dual Hong Kong/Shanghai, beat ICBC record at time
Source ↗ - 7ICBC 2006
$21.9B, China's biggest bank IPO, still $35B inflation-adjusted
Source ↗ - 8AIA Group 2010
$20.5B Hong Kong, largest insurer IPO, $30.27B inflation-adjusted
Source ↗ - 9Visa Inc 2008
$19.7B US record at time, $29.46B inflation-adjusted, held US record until Facebook
Source ↗ - 10Facebook (Meta) 2012
$16.01B, 500M shares at $38, below offer a year then multi-trillion
Source ↗
What Meta noticed
SpaceX $86.2B is 2.9x Aramco $29.4B and 3.4x Alibaba $25B - first IPO to raise more than $30B since 2019
On inflation-adjusted table, NTT Docomo 1998 $18.05B = $35.65B today, more than Aramco nominal, shows 1990s Japan scale
Facebook $16B was 2nd largest US IPO in 2012 but spent >1 year below $38; now Meta $1T+ - worst first year to best long-term
If Anthropic raises $86B+ at $2T, it would beat both biggest cash raise and biggest IPO valuation ($1.77T SpaceX, $1.7T Aramco)
🇺🇸 Gemini10 places · 1 notes
The same question, answered by Gemini alone. The final list above combines all the AIs.
- 1SpaceX (2026, Nasdaq)
Raised a historic $86.2B with greenshoe at a $1.77T debut valuation, shattering Saudi Aramco's record and setting the benchmark against which Anthropic's planned $2T debut is measured.
- 2Saudi Aramco (2019, Tadawul)
Sold just 1.5% of its shares to raise $29.4B with greenshoe at a $1.70T valuation, underpinned by a staggering $111.1B in pre-listing net profit.
Source ↗ - 3Alibaba Group (2014, NYSE)
Held the US listing crown for twelve years by raising $25.0B at a $167.6B valuation, though its market cap stands at $245B today.
Source ↗ - 4SoftBank Corp (2018, Tokyo)
Japan's domestic wireless carve-out raised $23.5B on the eve of a nationwide network glitch, slipping 15% on its trading debut.
Source ↗ - 5Agricultural Bank of China (2010, Shanghai & Hong Kong)
Anchored the recapitalization of China's Big Four banks by raising $22.1B across a simultaneous Shanghai-Hong Kong dual listing.
- 6Industrial and Commercial Bank of China (ICBC) (2006, Hong Kong & Shanghai)
Pioneered the simultaneous A+H dual listing raising $21.9B ($34.1B inflation-adjusted) and surged 85.6% in its first market year.
Source ↗ - 7AIA Group (2010, Hong Kong)
Spun off from AIG following its US government bailout, raising $20.5B in Hong Kong and advancing 18.4% in its inaugural year.
Source ↗ - 8NTT DoCoMo (1998, Tokyo)
Japan's mobile telecom pioneer raised $18.4B ($35.5B in 2026 dollars) and soared 115% in year one before NTT took it private in 2020.
Source ↗ - 9Visa Inc. (2008, NYSE)
Braved the onset of the 2008 Great Financial Crisis to raise $17.9B, returning +28.4% in year one and compounding into a $590B global network.
- 10Meta Platforms / Facebook (2012, Nasdaq)
Overcame a glitch-ridden debut and a 30.8% first-year drop to transform a $16.0B IPO into a $1.55T social and AI ecosystem.
Source ↗
What Gemini noticed
Cash Raised vs. Company Value Divergence: Mega-offerings diverge dramatically between cash collected and the enterprise value priced. SoftBank Corp raised $23.5B by selling a 37% slice of a $62.6B business, whereas Saudi Aramco raised $29.4B while selling just 1.5% of a $1.70T empire.
🇺🇸 Nova10 places · 1 notes
The same question, answered by Nova alone. The final list above combines all the AIs.
- 1SpaceX (2026)
$85.7B raised, $1.77T valuation, Nasdaq SPCX, +19% first-day pop
Source ↗ - 2Saudi Aramco (2019)
$29.4B total proceeds, $1.5T valuation, Tadawul, -23% first-day drop
Source ↗ - 3Alibaba (2014)
$21.8B raised, $167.7B valuation, NYSE BABA, +48% first-day pop
Source ↗ - 4SoftBank Corp (2018)
$21.3B raised, $105B valuation, Tokyo, -10% first-day drop
Source ↗ - 5SK Hynix (2026)
$26.5B raised, $85B valuation, Korea, AI memory leader
- 6Agricultural Bank of China (2010)
$22.1B raised, $32.6B valuation, Hong Kong/Shanghai
Source ↗ - 7Industrial & Commercial Bank of China (2006)
$21.9B raised, $34.9B valuation, Hong Kong/Shanghai
Source ↗ - 8American International Assurance (2010)
$20.5B raised, $30.3B valuation, Hong Kong
Source ↗ - 9Visa Inc. (2008)
$19.7B raised, $29.5B valuation, NYSE V, +92% first-day pop
Source ↗ - 10General Motors (2010)
$18.15B raised, $26.8B valuation, NYSE GM, +150% since IPO
Source ↗
What Nova noticed
SpaceX's $85.7B IPO dwarfs all predecessors by a wide margin, reflecting AI/compute infrastructure demand and Musk's brand power.
🇨🇳 Qwen10 places · 1 notes
The same question, answered by Qwen alone. The final list above combines all the AIs.
- 1SpaceX IPO (2026, USA)
Shattered the 2019 record by raising $75B, valuing the space and AI provider at $1.77T on day one with shares jumping 19%.
Source ↗ - 2Saudi Aramco IPO (2019, Saudi Arabia)
The former undisputed record-holder raised $25.6B, briefly making it the world's most valuable company at $1.7T.
- 3Alibaba Group IPO (2014, USA/China)
Raised $25B at a $231B valuation, though its market value today remains below its listing peak, illustrating mega-cap tech volatility.
- 4Agricultural Bank of China IPO (2010, China)
Raised $22.1B across dual listings in Shanghai and Hong Kong, valuing the state-owned lender at approximately $200B.
- 5ICBC IPO (2006, China)
The Industrial and Commercial Bank of China raised $21.9B, cementing its status as the world's largest bank by assets at listing.
- 6Visa IPO (2008, USA)
Raised $19.7B at an $80B valuation, remaining the largest US financial services IPO and launching a stock that multiplied in value over the next decade.
- 7Enel IPO (1999, Italy)
The Italian state electricity monopoly raised $18.5B, marking a historic wave of European privatizations at the dawn of the internet era.
- 8General Motors IPO (2010, USA)
Raised $18.1B following its 2009 bankruptcy, a landmark government-backed listing that valued the automaker at roughly $40B.
- 9NTT IPO (1987, Japan)
Nippon Telegraph and Telephone raised $12.8B (nominal), briefly becoming the world's most valuable company at a staggering $250B valuation.
- 10Anthropic IPO (Planned 2026, USA)
Included for comparison: targeting a ~$2T valuation and $50B+ raise, which would challenge SpaceX and Aramco for the title of largest-ever listing.
Source ↗
What Qwen noticed
SpaceX's 2026 IPO didn't just break the cash-raised record; it listed at a $1.77T valuation, matching Saudi Aramco's 2019 peak and proving that AI-adjacent infrastructure can command oil-tier market caps.
🇨🇳 Kimi10 places · 1 notes
The same question, answered by Kimi alone. The final list above combines all the AIs.
- 1SpaceX (2026, US)
Raised more than triple the old record — $85.7B once the greenshoe closed — at a $1.77T price that values each 2025 revenue dollar at 94x.
- 2Saudi Aramco (2019, Saudi Arabia)
Still the biggest company ever priced at listing ($1.7T) and the only top-10 IPO whose state kept 98% — the public float was a rounding error with a dividend.
- 3Alibaba (2014, China)
The $25B debut popped 38% on day one, then spent its first year underwater — a decade later the market cap ($276B) is barely above the listing-day $231B.
Source ↗ - 4SoftBank Corp (2018, Japan)
Japan's $23.6B mega-float closed its first day 15% below the offer — one of the worst debuts in Tokyo history for the second-biggest IPO ever at the time.
- 5Agricultural Bank of China (2010, China)
The 'weakest' of China's big four banks briefly produced the world's biggest IPO — $22.1B across two exchanges, valuing it near $100B.
Source ↗ - 6ICBC (2006, China)
The first $20B-class IPO in history came from a Chinese state bank — $21.9B with the greenshoe, a record that stood for four years.
- 7AIA Group (2010, Hong Kong)
AIG's crown jewel raised $20.5B in Hong Kong just two years after its parent's bailout — the largest insurance IPO ever.
Source ↗ - 8Visa (2008, US)
The one mega-IPO that beat the market: $19.7B raised in the teeth of the financial crisis, and the only top-five name whose long-run return 'crushed' the index.
Source ↗ - 9General Motors (2010, US)
A bankrupt company relisted for $18.15B sixteen months after Chapter 11 — the biggest US IPO of its era and the Treasury's exit ramp.
Source ↗ - 10NTT DoCoMo (1998, Japan)
Inflation-adjusted, 1998's $18.05B mobile float was the biggest IPO of the 20th century — ~$28.7B in 2020 dollars, more than Aramco — until SpaceX tripled past it.
What Kimi noticed
A Motley Fool/Yahoo review of the five biggest inflation-adjusted IPOs found four of the five went on to underperform the market — Aramco is actually down since debut — with Visa the lone exception; SpaceX and Anthropic are pricing into that track record.
🇨🇳 MiMo10 places · 2 notes
The same question, answered by MiMo alone. The final list above combines all the AIs.
- 1SpaceX IPO (2026)
Raised about three times more cash than any company in history — then lost roughly 40% from its first-week peak within four months.
Source ↗ - 2Saudi Aramco IPO (2019)
The old record: $25.6B–$29.4B raised — SpaceX took that crown in a single day, then raised it again with the greenshoe.
- 3Alibaba IPO (2014)
Raised $25B and was worth $231B on day one — still the biggest cash raise of the pre-SpaceX decade, 12 years later.
Source ↗ - 4SoftBank Corp IPO (2018)
Japan's telecom arm raised $21.3B in 2018 — the third-largest cash pile of the 2010s, and almost never in the 'biggest IPO' headlines.
- 5Agricultural Bank of China IPO (2010)
$19.2B in 2010 — a state bank, not a tech name, that still sits in the all-time top five for cash raised.
- 6ICBC IPO (2006)
$19.1B in 2006 money — in 2026 it is still the world's largest bank by assets ($7.65T), two decades after listing.
- 7NTT DoCoMo IPO (1998)
$18.4B in 1998 — the only 1990s offering still in the all-time top 10, and the one that most needs an inflation correction.
- 8Visa IPO (2008)
Raised $17.9B in the middle of the financial crisis — and Visa is still one of the most profitable IPOs ever made.
- 9AIA Group IPO (2010)
$17.8B from Hong Kong in 2010 — Asia's largest insurance listing, and still ahead of Facebook's $16B.
- 10Facebook (Meta) IPO (2012)
The most famous flop on the list: $16B raised, stock halved in four months — then a $2.18T company by 2025.
Source ↗
What MiMo noticed
SpaceX raised more on listing day than the next five IPOs combined, then priced at ~67× trailing sales — about three times Nvidia's multiple at the time — on FY2025 revenue of $18.7B and a $4.94B loss.
Facebook is the proof that listing-day size is not destiny: the third-largest US IPO of its day lost over half its value in four months, and only became a trillion-dollar story a decade later.
🇨🇳 DeepSeek10 places
The same question, answered by DeepSeek alone. The final list above combines all the AIs.
- 1SpaceX (2026)
Raised $86.2B including greenshoe — nearly three times the previous record — yet the stock plunged from $226 to $108 before recovering to ~$163, a bumpy 20% gain from IPO price
- 2Saudi Aramco (2019)
The oil giant that held the IPO record for seven years — raising $29.4B at a $1.7T valuation — yet the shares have barely moved since listing, up just ~1% from the offer price
- 3Alibaba (2014)
The Chinese e-commerce giant raised $25B at a $168B valuation — then fell 28% in its first year, making it the most disappointing mega-IPO of the decade until it recovered years later
- 4SoftBank Corp (2018)
Japan's largest-ever IPO raised $21.3B but the shares fell 14.5% on debut — a disastrous start that took years to recover from
- 5Agricultural Bank of China (2010)
The world's largest IPO at the time raised $19.2B and valued the bank at $127B — but the shares gained less than 1% on debut
- 6ICBC (2006)
The world's largest bank by assets raised $19.1B in the first-ever simultaneous A+H share listing, paving the way for Chinese mega-IPOs
- 7NTT DoCoMo (1998)
Japan's mobile phone giant raised $18.4B at the peak of the telecom boom — the shares jumped 19% on day one and the company became Japan's third-largest by market cap
- 8Visa (2008)
The payment network raised $17.9B in the largest US IPO ever at the time — and has since delivered over 3,000% in total returns, making it the best-performing mega-IPO in history
- 9AIA Group (2010)
The insurance giant's $17.8B Hong Kong IPO valued it at $115B — and it has delivered over 220% since listing, quietly one of the best-performing Asian mega-IPOs
- 10Meta / Facebook (2012)
The social network raised $16B at a $104B valuation, then lost half its value within months before recovering to become a $1.5T company