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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)
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09 Jun 2026 07:06PM
(Updated: 09 Jun 2026 07:18PM)
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.
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.
Aramco tower in Riyad's King Abdullah Financial District (KAFD) on Mar 3, 2025. (Photo: AFP/Fayez Nureldine)
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.
The company logo is pictured during a tour at the Alibaba office in Beijing on Apr 1, 2026. (File photo: AFP/Wang Zhao)
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.
The logo of Softbank Corp is displayed at a press briefing on Softbank's new service in Tokyo on Jan 15, 2018. (Photo: AFP/Kazuhiro Nogi)
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.
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8 reports
Channel NewsAsia (CNA)Party-alignedCenter6 days agoSpaceX has announced that it will distribute its quarterly and annual financial results, along with other significant news, exclusively through its website and X (formerly Twitter) social media account, bypassing traditional wire distribution services such as Business Wire or PR Newswire. The company encourages investors and the media to access this information directly via its investor relations page and X account. This decision represents a shift from conventional corporate communication methods. SpaceX's stock price rose approximately 19% on Monday, with further gains in extended trading.此前
Bias read (Center): The article reports on a business decision by SpaceX regarding its method of distributing financial information. It provides factual details without apparent ideological framing or biased language. No political entities or figures are mentioned, and the content focuses on corporate strategy and its'
Official sources cited
- organisation SpaceX Filing
Channel NewsAsia (CNA)Party-alignedCenter6 days ago What's next for SpaceX stock after IPO blastoffThe article discusses the potential impact of upcoming events on SpaceX's stock following its successful initial public offering (IPO). These events include the commencement of options trading, the expiration of investor holding periods, and index inclusion, all of which could influence trading activity and market dynamics. Investors are divided on whether they are investing in SpaceX or merely trading its stock, with some suggesting that the current interest may be more speculative than fundamental.
Bias read (Center): The article provides a balanced overview of the factors influencing SpaceX's stock performance post-IPO without taking a clear stance on the valuation or future trajectory of the company. It presents differing viewpoints among investors and highlights key upcoming events without editorializing or sl
Channel NewsAsia (CNA)Party-alignedCenter9 days ago Japanese investors sought more than $6.2 billion worth of SpaceX shares at IPO, sources sayThe article reports that Japanese investors showed significant interest in SpaceX's initial public offering (IPO), with sources indicating they sought more than $6.2 billion worth of shares.
Bias read (Center): The headline presents a factual statement about investor interest in a company's IPO without apparent ideological framing, loaded language, or biased sourcing. The lack of body text prevents further analysis, but no clear slant is evident from the headline alone.
Channel NewsAsia (CNA)Party-alignedCenter12 days ago OpenAI wants a trillion-dollar debut. Here's how it stacks up against history's biggest IPOsChannel NewsAsia reviews the five largest IPOs in history, drawing on a Renaissance Capital ranking, as OpenAI is reported to have confidentially filed for an IPO targeting a valuation of up to US$1 trillion, with Anthropic and SpaceX also pursuing public offerings. It details the debut performance and current standing of past mega-listings such as Saudi Aramco and Alibaba, noting that high valuations have not always produced strong investor returns.
Bias read (Center): The piece is a factual financial explainer reporting IPO valuations, share prices, and historical performance without partisan framing or loaded language.
Official sources cited
- organisation Renaissance Capital
Channel NewsAsia (CNA)Party-alignedCenter12 days ago Analysis:Short-sellers to tread carefully as Musk's SpaceX debutsThe article discusses the potential risks for short sellers targeting SpaceX following its highly anticipated initial public offering (IPO). While SpaceX's valuation of $1.75 trillion raises doubts among some analysts, the current bullish market sentiment, particularly toward large technology companies, makes shorting the stock a high-risk move. Experts suggest that the strong interest from both retail and institutional investors reduces the likelihood of successful short positions. However, uncertainties surrounding SpaceX’s business model, such as its xAI platform and orbital data centers,仍留
Bias read (Center): The article presents a balanced view of the situation without overtly favoring either side. It highlights both the risks and uncertainties associated with shorting SpaceX while also noting the prevailing market conditions that make shorting a potentially unwise strategy. There is no clear bias in ph
Channel NewsAsia (CNA)Party-alignedCenter12 days ago IT platform NinjaOne valued at over $12 billion in latest funding roundIT platform NinjaOne announced raising over $400 million in a funding round that values the company at $12.3 billion. The funding comes amid concerns about AI disrupting the software industry. Investors include Wellington Management, Teachers' Venture Growth, Sequoia Capital, and ICONIQ. This follows a previous $500 million raise in February 2025 at a $5 billion valuation. Co-founders Sal Sferlazza and Chris Matarese remain the largest equity holders. Matarese stated the raise was not driven by capital needs but by selecting strategic partners.
Bias read (Center): The article reports on a business development without taking a stance on political issues. It presents factual information about the funding round, investor names, and company statements without biased language or selective emphasis.
Official sources cited
- organisation NinjaOne's announcement
Channel NewsAsia (CNA)Party-alignedCenter13 days ago OpenAI files for US IPO after Anthropic as AI giants head to public marketsOpenAI has confidentially filed for a US initial public offering (IPO), following Anthropic's similar move. The article notes that OpenAI has not disclosed details such as the size or timeline of the offering, but Reuters reports that the company is targeting a valuation of up to $1 trillion. This would make OpenAI part of a growing trend of high-valued AI firms entering the public market. Elon Musk's SpaceX previously filed for an IPO with a potential valuation of $1.75 trillion.
Bias read (Center): The article provides factual information about corporate actions related to IPO filings without taking a stance on political issues. It does not present any biased language, one-sided sourcing, or editorializing that would indicate a leaning towards either side of a political spectrum.
Official sources cited
- organisation OpenAI Statement
- organisation Reuters Report
Channel NewsAsia (CNA)Party-alignedCenter13 days ago OpenAI files for US IPO after Anthropic as AI giants head to public marketsOpenAI has confidentially filed for a US initial public offering (IPO), following Anthropic's similar move. The article notes that OpenAI has not disclosed details such as the size or timeline of the offering, but Reuters reports that the company is targeting a valuation of up to $1 trillion. This would make OpenAI part of a growing trend of high-valued AI firms entering the public market. Elon Musk's SpaceX previously filed for an IPO with a potential valuation of $1.75 trillion.
Bias read (Center): The article provides factual information about corporate actions related to IPO filings without taking a stance on political issues. It does not present any biased language, one-sided sourcing, or editorializing that would indicate a leaning towards either side of a political spectrum.
Official sources cited
- organisation OpenAI Statement
- organisation Reuters Report
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