An initial public offering (IPO) is one of the most pivotal moments in a company’s lifecycle — a chance to raise massive capital, reach global markets, and make a statement among the world’s elite. And no company made a bigger statement than Saudi Aramco when it pulled off the largest IPO in history, raising a staggering $25.6 billion in a single day.
But Aramco wasn’t alone in making waves. Over the years, a handful of companies have dominated IPO records, generating billions overnight and setting new standards for business growth. In this article, we’ll break down the largest IPOs of all time, analyzing how they performed, what made them so successful, and what lessons businesses can take from these high-stakes market debuts.
Table of Contents
1. Alibaba Group – $21.8 Billion
In September 2014, Alibaba Group Holding Limited executed a landmark IPO, raising $21.8 billion and achieving a valuation of approximately $231 billion, marking one of the largest IPOs in US history.
1.1 Key IPO Facts
- IPO value: $21.8 billion
- Shares sold: 368 million (14.9% of total shares)
- Initial share price: $68
- Exchange: New York Stock Exchange (NYSE)
- Valuation at IPO: Approximately $231 billion
Alibaba's IPO underscored the global significance of China's burgeoning eCommerce sector, attracting substantial investor interest and setting the stage for the company's subsequent performance in public markets.
1.2 Performance Since Going Public
Since its IPO, Alibaba has experienced significant growth, expanding its operations and increasing its revenue and net income. The company's performance has been influenced by various factors, including market dynamics, regulatory changes, and global economic conditions.
Stock and financial performance:
- Market capitalization: As of March 2025, Alibaba's market capitalization was approximately $328.88 billion.
- Profitability: For the quarter ending December 31, 2024, Alibaba reported a net income of RMB 46,434 million (approximately $6.36 million), marking a significant increase compared to RMB 10,717 million ($1.48 million) in the same quarter of 2023.
- Dividends: In June 2024, Alibaba announced a dividend of $1.66 per share, translating to a dividend yield of approximately 3.35%.
- Stock performance: Alibaba's stock has experienced fluctuations due to factors such as regulatory developments and market competition. As of February 2025, the stock has shown resilience, with a 61% increase over the last quarter, reflecting renewed investor confidence in its long-term growth prospects.
- Impact of global events: Alibaba's performance has been influenced by global economic conditions, trade tensions, and regulatory changes. The company's ability to adapt to these challenges demonstrates its robust business model and strategic agility. Notably, Alibaba is investing over $50 billion in artificial intelligence (AI) and cloud computing over the next three years, aligning with global tech advancements and China's economic strategies.
These insights provide a comprehensive overview of Alibaba's recent financial performance and strategic initiatives, reflecting its resilience and adaptability in a dynamic market environment.
1.3 Business Lessons
Alibaba's IPO was a strategic move that reflected years of preparation, market positioning, and leadership vision. For business owners and leaders, Alibaba’s approach to going public — and how it has navigated growth and market turbulence since — offers powerful lessons:
- Alibaba went public in the US (NYSE) instead of China, tapping into a larger and more liquid capital market to maximize its IPO value and global visibility.
- Lesson for businesses: Choose the right market and audience for your funding goals. Sometimes, going beyond local or expected markets opens better capital opportunities and strategic partnerships.
- Since going public, Alibaba faced massive regulatory crackdowns and market challenges. Yet, it adapted by restructuring into six separate units and investing heavily in AI and cloud, shifting focus toward growth sectors.
- Lesson for businesses: Expect change and build flexibility into your growth strategy. Going public isn't the end — it's the start of higher scrutiny. Have a plan for how your business evolves when market or regulatory winds shift.
- For years, Alibaba reinvested profits into innovation, market expansion, and logistics infrastructure, rather than paying dividends — until 2023, when it was strong enough to start returning cash to shareholders.
- Lesson for businesses: Focus on scaling and strengthening your business before trying to appease investors with payouts. Sustainable dividends come from a business that continues to grow and innovate.
- Alibaba’s exposure to USA-China tensions and domestic regulatory crackdowns forced it to diversify its business — into cloud, AI, and international markets — reducing reliance on eCommerce alone.
- Lesson for businesses: If your company is exposed to regulatory, market, or geopolitical risks, diversify early. Build multiple revenue streams and market footprints to withstand shocks.
2. Softbank – $23.5 Billion
In December 2018, SoftBank Group Corp., a Japanese multinational conglomerate, executed a landmark IPO of its telecommunications subsidiary, SoftBank Corp., raising approximately $23.5 billion. This IPO marked the largest in Japan’s history, reflecting SoftBank’s significant influence in the telecommunications and technology sectors.
2.1 Key IPO Facts
- IPO Value: ¥2.4 trillion (approximately $23.5 billion)
- Shares sold: More than 1.6 billion shares
- Initial share price: ¥1,500 per share
- Exchange: Tokyo Stock Exchange
- Valuation at IPO: Approximately ¥7.18 trillion
2.2 Performance Since Going Public
Since its IPO, SoftBank has experienced significant market shifts but remained a major player in global tech investments. Its performance reflects a mix of market volatility, strategic pivots, and heavy investments in AI and emerging technologies.
- Market capitalization: As of March 7, 2025, SoftBank Group's market capitalization was approximately $79.13 billion.
- Profitability: For the nine months ending December 31, 2024, SoftBank Group reported a net income of ¥544.7 billion (approximately $3.46 billion), a significant increase from ¥436.6 billion (approximately $2.77 billion) in the same period the previous fiscal year.
- Dividends: SoftBank Corp. has maintained a consistent dividend policy to return value to shareholders.
- Stock performance: As of March 11, 2025, SoftBank's stock was trading at ¥7,845 ($49.85), reflecting current investor sentiment and market conditions.
- Impact of global events: SoftBank has invested heavily in AI and technology startups, including a $15 billion equity commitment to Stargate, a joint venture with OpenAI and Oracle, focused on building AI infrastructure.
2.3 Business Lessons
SoftBank’s journey offers clear, actionable lessons for businesses navigating growth, risk, and innovation. Here’s what business leaders can learn from SoftBank’s approach:
- SoftBank's Vision Fund has invested in AI, eCommerce, biotech, and fintech, reducing dependency on one sector and spreading risk.
- Lesson for businesses: Diversify investments to protect your business from sector-specific downturns and capture broader opportunities.
- SoftBank has placed significant investments in AI and frontier technologies to remain competitive.
- Lesson for businesses: Stay ahead of the curve — adopt emerging tech to unlock new growth.
- After facing investment challenges, SoftBank restructured its approach and shifted focus to high-potential AI investments.
- Lesson for businesses: Businesses must adapt to changing markets and not cling to failing strategies.
- Despite quarterly fluctuations, SoftBank maintains its long-term tech investment vision.
- Lesson for businesses: Long-term focus can outlast short-term market fluctuations — think bigger than quarterly results.
- SoftBank has built partnerships with leading tech companies globally to expand its investment ecosystem and capabilities.
- Lesson for businesses: Strategic partnerships amplify growth and innovation — collaborate to grow smarter.
3. Saudi Aramco - $26.6 Billion
In December 2019, Saudi Aramco, the Saudi Arabian Oil Company, made history by pulling off the largest IPO ever, raising $25.6 billion — surpassing Alibaba’s 2014 IPO of $21.8 billion.
3.1 Key IPO Facts
- IPO value: $25.6 billion (potential to reach $29.4 billion if over-allotment exercised).
- Shares sold: 3 billion (1.5% of total shares).
- Initial share price: SAR 32 ($8.53).
- Exchange: Tadawul (Saudi Stock Exchange).
- Valuation at IPO: $1.7 trillion.
Though initially planned to raise up to $100 billion for 5% of the company, the deal was scaled back due to valuation skepticism, legal risks, and geopolitical concerns (including the Khashoggi incident and oil price volatility).
However, the IPO was critical for Crown Prince Mohammed bin Salman's Vision 2030 — a strategy to diversify Saudi Arabia’s economy beyond oil.
3.2 Performance Since Going Public
Since its IPO in 2019, Saudi Aramco has consistently remained one of the most valuable companies in the world, largely driven by fluctuations in global oil prices and demand dynamics.
Stock and financial performance:
- Market capitalization: As of May 2024, Saudi Aramco’s market capitalization is estimated at approximately $1.87 trillion following fluctuations driven by oil price corrections and the Organization of the Petroleum Exporting Countries Plus (OPEC+) production adjustments.
- Profitability: Aramco reported $121 billion in net profit, making it the world's most profitable oil company, although this marked a 25% drop from 2022 due to lower energy prices and production cuts.
- Dividends: In 2024, Aramco declared total dividends of $124+ billion, up from $97.78 billion in 2023. However, the company projects total dividends of $85.4 billion for 2025, indicating a significant reduction.
- Stock performance: Throughout 2023 and into 2024, Aramco’s share price has closely tracked global oil market trends, showing resilience during periods of high energy demand but facing downward pressure as oil prices softened. As of late 2024, Aramco's stock was trading around $7.31 per share, down from a high of over $9 earlier in the year. Its market value stands at approximately $1.7 trillion, making it the world’s sixth-most valuable company.
Despite these challenges, Aramco remains one of the most profitable and valuable companies in the world, continuing to generate strong returns for investors and playing a central role in global energy markets.
3.3 Business Lessons
Saudi Aramco’s IPO was a masterclass in strategy, timing, and market positioning. For business owners and founders, there are critical lessons to take from how Aramco structured and executed its IPO, navigated risks, and aligned investor expectations:
- Aramco tied its IPO to Saudi Arabia’s Vision 2030 — a national strategy for economic transformation. This alignment gave the IPO a sense of purpose beyond raising capital.
- Lesson for business leaders: Anchor your funding strategy to a larger mission investors can rally behind — whether it's market disruption, innovation, or sustainability.
- Aramco launched its IPO during a period of relatively strong oil prices and demand stability, though it faced significant valuation and geopolitical challenges.
- Lesson for businesses: Timing matters. Don’t rush into raising capital or launching a product when market conditions aren’t right. Understand when demand for your solution is high and move strategically.
- Although Aramco originally aimed to raise $100 billion, it scaled back to $25.6 billion to match market appetite and ensure a successful listing.
- Lesson for businesses: Focus on getting a strong deal done over chasing unrealistic valuations. It’s better to succeed on a practical scale than fail aiming for too much.
- One of Aramco’s biggest selling points was its commitment to paying consistent, large dividends, which attracted long-term investors.
- Lesson for businesses: Give investors clear value beyond the initial raise — whether through dividends, growth commitments, or strategic plans that deliver returns.
- Despite facing valuation skepticism and geopolitical concerns, Aramco positioned itself as critical to global energy stability, making the IPO too important to ignore.
- Lesson for businesses: Identify the strengths in your business story and use them to offset risks — whether it’s market leadership, unique tech, or customer loyalty.
The 10 Most Anticipated Upcoming IPOs To Watch in 2025 and Beyond
As markets stabilize and investor appetite returns, several high-profile companies are preparing to go public in 2025 and beyond. These IPOs span industries from AI and fintech to fashion and social media — and they’re expected to reshape their respective markets.
Here are the most anticipated IPOs that business leaders, investors, and market watchers should keep an eye on:
- Stripe: Stripe is one of the world’s largest online payment processors, supporting companies like Amazon and Shopify. Its IPO is a major test for the fintech market post-downturn, and analysts expect it to reshape the public landscape for payment tech.
- Databricks: Databricks offers a leading AI and data analytics platform used by Fortune 500 firms. As AI becomes mainstream, Databricks' IPO could give investors a chance to back core AI infrastructure — not just end-user AI tools
- Chime: Chime is a leading US neobank that redefined mobile banking with zero-fee accounts. Its IPO will be a crucial signal on whether fintech challengers can succeed long-term against traditional banks — and how digital-first finance is evolving.
- Klarna: Klarna Bank AB leads the global buy-now-pay-later (BNPL) space but faces tightening regulation and rising competition. Investors will watch closely to see if Klarna can prove the sustainability of BNPL — or if the model is under threat.
- Shein: Shein has become a global fast fashion giant through ultra-low prices and rapid design cycles. Its IPO, expected on the London Stock Exchange, will test investor appetite for controversial but highly profitable business models — and the future of eCommerce fashion.
- Medline Industries: Medline is a massive U.S. medical supply company, quietly dominating hospital procurement. A planned $5 billion IPO would make it one of the biggest healthcare listings — and a key player as healthcare supply chains face post-pandemic reform.
- CoreWeave: CoreWeave offers high-performance cloud computing optimized for AI — an essential backbone for companies training large AI models. As AI infrastructure becomes a multi-billion-dollar market, CoreWeave's IPO would give public investors rare access to the "picks and shovels" of AI.
- Cerebras Systems: Cerebras builds next-gen AI chips, directly competing with NVIDIA in the race to power AI models. With chip shortages and demand surging, Cerebras' IPO could be a defining moment for AI hardware innovation.
- Hinge Health: Hinge Health is a digital health startup providing AI-driven physical therapy, addressing chronic pain and injury recovery. Its IPO will test whether investors are ready to back the next generation of AI-enabled healthcare startups.
- SymphonyAI: SymphonyAI builds enterprise AI tools used in healthcare, finance, and manufacturing. As demand for AI in critical industries accelerates, SymphonyAI’s IPO could offer a pure-play investment in business-focused AI tech.
Largest IPOs of All Time: Key Takeaways
The world’s largest IPOs reveal more than just staggering numbers; they reflect how companies align vision, strategy, and timing to seize pivotal growth moments. It’s about shaping market perception and building lasting value.
If your company is preparing for its next big leap, partnering with the right business consultancy can make all the difference. Get expert guidance to align your strategy, strengthen market positioning, and execute with confidence.
Largest IPOs of All Time: FAQs
1. Which is the biggest IPO yet?
The biggest IPO in history is Saudi Aramco, which raised $25.6 billion in December 2019. The company was valued at approximately $1.7 trillion, making it not only the largest IPO ever but also one of the most valuable companies in the world at the time.
2. What are the largest IPOs in the US?
The largest IPOs in the U.S. include Alibaba Group, which raised $21.8 billion in 2014 through its NYSE listing, even though it is a Chinese company. Other major U.S. IPOs include Visa Inc., which raised $17.9 billion in 2008, and Facebook (now Meta), which raised $16 billion when it went public in 2012.
