OpenAI wants a trillion-dollar debut. Here’s how it stacks up against history’s biggest IPOs
CNA takes a look at the five biggest IPOs in history and how the companies are faring.
A trio of traders work on the floor of the New York Stock Exchange on Jun 3, 2026. (Photo: AP/Richard Drew)
New: You can now listen to articles.
This audio is generated by an AI tool.
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
SINGAPORE: From artificial intelligence giants to private space companies, some of the world’s most valuable firms are inching closer to the stock market.
ChatGPT-maker OpenAI has filed confidentially for an initial public offering and is said to be targeting a valuation of up to US$1 trillion.
Rival Anthropic has also filed for an IPO after a funding round that valued the company at US$965 billion, while Elon Musk’s SpaceX is pursuing a public offering that could become the largest in history if completed.
The prospect of these blockbuster listings has reignited interest in IPOs – the moment when private companies throw open their doors to public investors.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
But while eye-watering valuations and household names grab headlines, not every mega-listing has translated into stellar returns for investors.
Based on a ranking compiled by Renaissance Capital, a firm specialising in IPO research and investment products, CNA takes a look at the five biggest IPOs in history and how the companies behind them are faring.
SAUDI ARAMCO
Sitting comfortably at the top of Renaissance Capital’s list is Saudi Aramco, one of the world’s largest energy producers.
When the Saudi oil giant made its stock market debut on the Tadawul exchange in December 2019, it was never going to be a low-key affair.
Aramco priced its IPO at 32 riyals a share, raising US$25.6 billion and valuing the company at about US$1.7 trillion – the biggest IPO the world has seen.
That valuation, however, fell short of Crown Prince Mohammed bin Salman’s US$2 trillion target, underscoring concerns among some international investors about the company’s valuation.
But any doubts didn’t dampen the mood on debut day.
Aramco shares immediately hit the Tadawul exchange’s 10 per cent daily trading limit, closing at 35.20 riyals and boosting the company’s market value to around US$1.88 trillion.
Fast forward to today, and the stock trades well below its post-IPO highs.
Aramco’s shares closed at 27.16 riyals (US$7.24) on Jun 8, a reminder that even the world’s biggest IPO isn’t immune to the ups and downs of the market.
ALIBABA
Before Saudi Aramco rewrote the record books in 2019, the title of world’s largest IPO belonged to Alibaba, the Chinese e-commerce giant that turned online shopping into a way of life.
When Alibaba rang the opening bell on the New York Stock Exchange in September 2014, investors were already lining up. The company raised a then-record US$21.8 billion at US$68 a share, giving it a valuation of about US$175 billion.
Some on Wall Street even thought that was conservative. Investment research firm Morningstar estimated Alibaba’s shares were worth US$90 apiece – roughly 32 per cent above the IPO price.
As it turned out, investors were more than willing to pay up.
Alibaba’s first trade came in at US$92.70, and the stock ended its debut session at US$93.89, valuing the company at about US$231 billion, according to The Wall Street Journal.
More than a decade later, Alibaba remains one of China’s biggest technology companies. Its shares closed at US$120.07 on Jun 8.
SOFTBANK
Japanese teleco SoftBank Corp, not to be confused with its parent SoftBank Group, comes in third on the list.
When SoftBank Corp listed on the Tokyo Stock Exchange in December 2018, it raised about ¥2.65 trillion (US$21.3 billion), making it one of the largest IPOs ever.
Shares were priced at ¥1,500 each, valuing the company at roughly ¥7.2 trillion, or about US$64 billion.
But SoftBank Corp’s IPO got off to a shaky start.
Just days before the listing, the company suffered a nationwide network outage. Investors were also grappling with concerns about increased competition in the country’s telecoms sector.
SoftBank Corp shares opened at ¥1,463, already below the IPO price, and ended the day at ¥1,282 – a drop of about 14.5 per cent.
The sell-off wiped roughly ¥1.1 trillion off the company’s valuation, leaving it with a market capitalisation of about ¥6.1 trillion by the closing bell.
Still, the listing has proved more resilient over the long run than its rocky debut suggested.
SoftBank Corp shares closed at ¥212 on Jun 9, although direct comparisons with its IPO price are complicated by stock splits carried out since the company went public.
NTT Mobile
SoftBank Corp’s Japanese rival NTT Mobile Communication Network, more widely known as NTT DoCoMo, went public in October 1998 on the Tokyo Stock Exchange.
Its IPO priced shares at ¥3.9 million each, raising about ¥2.1 trillion (US$18.1 billion) and valuing the company at roughly ¥8.9 trillion.
At the time, NTT DoCoMo controlled 56.8 per cent of the country’s mobile market and counted more than 20 million subscribers among its customers.
Investors could hardly get enough. The IPO instantly made NTT DoCoMo the third-most valuable company in Japan, trailing only parent company NTT and automotive giant Toyota.
The enthusiasm spilled over into its first trading session, with shares ending the day at ¥4.65 million, about 19 per cent above the IPO price.
Over the years, however, the company’s stock underwent a transformation of its own. A series of stock splits in 1999, 2002 and 2013 meant that a single share bought at the IPO would eventually become 2,500 shares.
The company was taken private and delisted in December 2020, with shareholders being paid ¥3,900 per share.
VISA
Payment processor Visa went public in March 2008 during the global financial crisis on the New York Stock Exchange, pricing its IPO at US$44 per share.
By selling more than 406 million shares, Visa raised about US$17.9 billion, making it the largest IPO in US history at the time and valuing the company at about US$34 billion.
At first glance, launching a financial-services stock in the middle of a credit crisis might have seemed like a risky bet. But Visa wasn’t a bank.
Unlike credit card issuers that lend money directly to consumers, Visa operates the payment network that processes transactions and collects fees whenever shoppers swipe, tap or click to pay.
Analysts figured that Visa could have much to gain from tougher economic times as consumers, short on cash, may rely more heavily on their credit cards to make payments. Investors saw the company as a safe haven.
Visa shares opened at US$59.50, about 35 per cent above the IPO price, before ending the day at US$56.50.
Nearly two decades later, the company remains a dominant force in global payments.
Its shares closed at US$319.67 on Jun 8, making it one of the strongest long-term performers among the companies on this list.
Source: CNA/ec
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
