19 Biggest IPOs of All-Time: The Largest Initial Public Offerings Ever

The 19 biggest IPOs of all time raised a combined $202 billion at offering, led by Saudi Aramco's record-breaking $25.6 billion 2019 listing on the Tadawul exchange, Alibaba's $21.7 billion 2014 NYSE debut, and SoftBank Corp's $21.3 billion 2018 Tokyo Stock Exchange listing. Below is the full ranked list taking you all the way through 2026

You can use the free interactive table we built to sort through IPOs:

Or if you're curious about the relative size of history's biggest IPOs, we built this tool to show you what past IPOs would look like adjusted for inflation:

And if you're looking for more information about upcoming IPOs check out our upcoming IPO tracker.

The 19 Biggest IPOs of All Time, Ranked by Capital Raised

The 19 biggest IPOs in history raised a combined $222 billion at offering. Below, every entry is ranked by capital raised at IPO, blending the all-time historic record-holders with the largest IPOs of the 2024-2026 cycle.

1. Saudi Aramco - $25.6B raised (2019, Tadawul)

Industry: Energy · Country: Saudi Arabia · Ticker: 2222.SR

On December 11, 2019, Saudi Aramco raised $25.6 billion in its IPO on the Tadawul exchange, making it the largest IPO of all time (or $29.4 billion including the underwriters' greenshoe over-allotment). The company's current market cap is approximately $1.65 trillion (as of Q1 2026), making it the most valuable publicly-listed energy company in the world. The offering priced at the top of its 30-32 riyal range, with the bulk of allocation going to Saudi domestic investors and Gulf sovereign-wealth funds rather than international institutions.

2. Alibaba Group - $21.7B raised (2014, NYSE)

Industry: Technology / E-commerce · Country: China · Ticker: BABA

On September 19, 2014, Alibaba Group raised $21.7 billion in its IPO on the NYSE, making it the second-largest IPO of all time and the largest US IPO ever at the time. The company's current market cap is approximately $235 billion (as of Q1 2026). Alibaba's debut at $68 per share opened at $92.70 and closed up 38% on its first day, briefly making founder Jack Ma China's richest person; the stock has since traded through multiple regulatory cycles in Beijing but remains the benchmark cross-border tech listing.

3. SoftBank Corp - $21.3B raised (2018, TSE)

Industry: Telecom · Country: Japan · Ticker: 9434.T

On December 19, 2018, SoftBank Corp raised $21.3 billion in its IPO on the Tokyo Stock Exchange, making it the third-largest IPO of all time and Japan's largest IPO ever. The company's current market cap is approximately $80 billion (as of Q1 2026). The listing was a partial spinout of SoftBank Group's Japanese telecom operations, structured to fund parent SoftBank's expanding tech-investment ambitions through the Vision Fund era.

4. NTT DoCoMo - $18.4B raised (1998, TSE)

Industry: Telecom · Country: Japan · Ticker: Now part of NTT (9432.T)

On October 22, 1998, NTT DoCoMo raised $18.4 billion in its IPO on the Tokyo Stock Exchange, making it the fourth-largest IPO of all time and the largest IPO of the 1990s. The company has since been merged back into parent NTT Group; NTT's current market cap is approximately $145 billion (as of Q1 2026). At the time of listing, NTT DoCoMo was the dominant operator in the world's most advanced mobile-data market, and its IPO crystallized the late-1990s peak of Japanese telecom valuations.

5. Visa - $17.9B raised (2008, NYSE)

Industry: Finance / Payments · Country: USA · Ticker: V

On March 18, 2008, Visa raised $17.9 billion in its IPO on the NYSE, making it the fifth-largest IPO of all time and the largest US IPO until Facebook's 2012 listing. The company's current market cap is approximately $625 billion (as of Q1 2026). Visa's debut came just six months before the Lehman collapse and was the largest US IPO in a year that otherwise effectively shut down the new-issue market - making the timing one of the most-studied in IPO history.

6. AIA Group - $17.8B raised (2010, HKEX)

Industry: Finance / Insurance · Country: Hong Kong · Ticker: 1299.HK

On October 29, 2010, AIA Group raised $17.8 billion in its IPO on the Hong Kong Stock Exchange, making it the sixth-largest IPO of all time and Hong Kong's largest IPO ever. The company's current market cap is approximately $80 billion (as of Q1 2026). AIA was spun out of AIG as part of the parent's post-financial-crisis restructuring, and the listing established Hong Kong as the dominant venue for Asian insurance IPOs.

7. ENEL - $16.6B raised (1999, Borsa Italiana)

Industry: Energy / Utilities · Country: Italy · Ticker: ENEL.MI

On November 1, 1999, Italian utility ENEL raised $16.6 billion in its IPO on Borsa Italiana, making it the seventh-largest IPO of all time and Europe's largest IPO of the 1990s. The company's current market cap is approximately $80 billion (as of Q1 2026). The offering was the largest privatization in Italian history, with the Italian state retaining majority control while floating roughly a third of the shares to retail and institutional investors.

8. Facebook - $16.0B raised (2012, NASDAQ)

Industry: Technology / Social media · Country: USA · Ticker: META

On May 18, 2012, Facebook raised $16.0 billion in its IPO on the NASDAQ, making it the eighth-largest IPO of all time and the largest US tech IPO until Alibaba in 2014. The company (now Meta Platforms) has a current market cap of approximately $1.4 trillion (as of Q1 2026). The IPO famously stumbled in its first weeks - NASDAQ's order-handling system glitched on debut day and the stock spent more than a year below the $38 offering price - before becoming one of the best-performing mega-IPOs in market history.

9. General Motors - $15.8B raised (2010, NYSE)

Industry: Automotive · Country: USA · Ticker: GM

On November 18, 2010, General Motors raised $15.8 billion in its post-bankruptcy IPO on the NYSE, making it the ninth-largest IPO of all time. The company's current market cap is approximately $50 billion (as of Q1 2026). The listing returned GM to public markets sixteen months after its government-supported Chapter 11 reorganization and allowed the US Treasury to begin selling down its 60.8% stake; full taxpayer exit took until late 2013.

10. ICBC - $14.0B raised (2006, SSE/HKEX)

Industry: Finance / Banking · Country: China · Ticker: 601398.SS / 1398.HK

On October 27, 2006, Industrial and Commercial Bank of China (ICBC) raised $14.0 billion in its dual IPO on the Shanghai and Hong Kong stock exchanges, making it the tenth-largest IPO of all time and China's largest IPO of the 2000s. The company's current market cap is approximately $260 billion (as of Q1 2026). The dual listing - simultaneous A-share and H-share offerings - became the template for subsequent state-owned bank privatizations and signaled Beijing's willingness to use international capital markets in its banking-reform program.

11. Rivian - $11.9B raised (2021, NASDAQ)

Industry: Automotive / EV · Country: USA · Ticker: RIVN

On November 9, 2021, Rivian raised $11.9 billion in its IPO on the NASDAQ, making it the eleventh-largest IPO of all time and the largest US IPO of 2021. The company's current market cap is approximately $14 billion (as of Q1 2026), down sharply from the $86 billion peak it briefly reached on its first day of trading. Rivian's debut crystallized the apex of the 2021 EV-IPO bubble; the post-debut drawdown is one of the largest mega-cap reversals in modern IPO history.

12. Medline - $6.26B raised (2025, NASDAQ)

Industry: Healthcare / Medical supplies · Country: USA · Ticker: MDLN

On December 17, 2025, medical-supplies giant Medline raised $6.26 billion in its IPO on the NASDAQ, making it the twelfth-largest IPO of all time, the largest IPO of 2025, and the largest healthcare IPO in US history. The company's current market cap is approximately $54 billion (as of Q1 2026). Medline manufactures and distributes more than 335,000 medical products to hospitals, surgery centers, and home-care providers; it was taken private in 2021 by Blackstone, Carlyle, and Hellman & Friedman in a $34 billion buyout before returning to public markets four years later.

13. Lineage Inc. - $4.44B raised (2024, NASDAQ)

Industry: Real Estate / Cold-chain REIT · Country: USA · Ticker: LINE

On July 25, 2024, Lineage Inc. raised $4.44 billion in its IPO on the NASDAQ, making it the thirteenth-largest IPO of all time, the largest IPO of 2024, and the largest US REIT IPO ever. The company's current market cap is approximately $15 billion (as of Q1 2026). Lineage operates the world's largest network of temperature-controlled warehouses - more than 480 facilities across 19 countries serving the perishable food supply chain - and its listing partially reopened the REIT IPO market after a two-year drought.

14. Madison Air Solutions - $2.5B raised (2026, NYSE)

Industry: Industrials / HVAC · Country: USA · Ticker: MAIR

On April 16, 2026, Madison Air Solutions raised approximately $2.5 billion in its IPO on the NYSE (including the underwriter over-allotment), making it the fourteenth-largest IPO of all time, the largest IPO of 2026 to date, and the largest US industrials IPO in nearly 30 years. The company's current market cap is approximately $15 billion (as of Q1 2026). Madison Air operates a portfolio of leading air-quality brands - including Big Ass Fans, Broan-NuTone, AprilAire, and Nortek Data Center Cooling - serving commercial, residential, and data-center markets.

15. Viking Holdings - $1.77B raised (2024, NYSE)

Industry: Consumer / Cruise · Country: Bermuda-incorporated, US-listed · Ticker: VIK

On May 1, 2024, Viking Holdings raised $1.77 billion in its IPO on the NYSE, making it the fifteenth-largest IPO of all time and the largest cruise-line IPO in history. The company's current market cap is approximately $20 billion (as of Q1 2026). Viking is differentiated from mass-market cruise competitors by its small-ship, all-inclusive, adults-only positioning - a category that has held pricing power through the post-pandemic recovery; founder Torstein Hagen retained majority voting control through a dual-class share structure.

16. Venture Global - $1.75B raised (2025, NYSE)

Industry: Energy / LNG export · Country: USA · Ticker: VG

On January 24, 2025, LNG export developer Venture Global raised $1.75 billion in its IPO on the NYSE, making it the sixteenth-largest IPO of all time and one of the largest US energy IPOs in over a decade. The company's current market cap is approximately $14 billion (as of Q1 2026), down sharply from its IPO valuation. Venture Global operates large-scale liquefied natural gas export terminals on the US Gulf Coast (Calcasieu Pass and Plaquemines), serving European and Asian buyers; the post-IPO drawdown reflects ongoing disputes with anchor customers over long-term contract economics.

17. CoreWeave - $1.5B raised (2025, NASDAQ)

Industry: Technology / AI infrastructure · Country: USA · Ticker: CRWV

On March 28, 2025, AI cloud infrastructure provider CoreWeave raised $1.5 billion in its IPO on the NASDAQ, making it the seventeenth-largest IPO of all time and the largest US tech IPO since 2021. The company's current market cap is approximately $43 billion (as of Q1 2026), up roughly 90% from its IPO price. CoreWeave operates one of the largest fleets of NVIDIA H100 and H200 GPUs in the world and serves AI labs (including OpenAI under a multi-year compute contract), enterprise AI workloads, and hyperscaler overflow capacity.

18. SailPoint - $1.38B raised (2025, NASDAQ)

Industry: Technology / Identity security · Country: USA · Ticker: SAIL

On February 13, 2025, identity-security software company SailPoint raised $1.38 billion in its IPO on the NASDAQ, making it the eighteenth-largest IPO of all time and one of the largest US enterprise-software IPOs since 2021. The company's current market cap is approximately $8 billion (as of Q1 2026). This was SailPoint's second public listing - the company first IPO'd in 2017, was taken private by Thoma Bravo in 2022 for $6.9 billion, and returned to public markets in 2025 at a higher valuation; the relisting was an early signal that PE-backed enterprise-software exits could clear the IPO market.

19. Klarna - $1.37B raised (2025, NYSE)

Industry: Fintech / Buy now, pay later · Country: Sweden · Ticker: KLAR

On September 10, 2025, Swedish buy-now-pay-later company Klarna raised $1.37 billion in its IPO on the NYSE, making it the nineteenth-largest IPO of all time and the largest European fintech IPO since Adyen in 2018. The company's current market cap is approximately $17 billion (as of Q1 2026). Klarna serves more than 100 million consumers and 700,000 merchants globally; the listing valuation came in well below its 2021 private peak of $46 billion but well above the $6.7 billion implied by its 2022 down-round - a closely-watched test of the broader BNPL revaluation.

All 19 IPOs above are also included in the sortable Biggest IPOs Table at the top of this article. Filter by "Recent (2024-2026)" in the Era dropdown to see only the eight most recent entries, or sort any column to slice the data your way.

Frequently Asked Questions

What is an IPO?

An Initial Public Offering (IPO) is when a company issues shares for sale for the first time in a stock exchange. It’s usually done in order to raise capital.

What is the biggest IPO of all time?

The biggest IPO in history was when Saudi Aramco was floated in 2019 for a whopping $25.6 billion and is valued at a staggering $1.93 trillion as of 2023.

What are the top ten biggest IPOs ever?

The largest IPOs in history, according to DealRoom:

• Saudi Aramco (2019) - $25.6 billion
• Alibaba (2014) - $21.7 billion
• SoftBank (2018) - $21.3 billion
• NTT Mobile (1998) - $18.1 billion
• Visa (2008) - $17.86 billion
• AIA Group (2010) - $17.78 billion
• ENEL (1999) - $16.45 billion
• General Motors (2010) - $16.45 billion
• Facebook (2012) - $16.01 billion
• ICBC (2006) - $15.77 billion

Why was Saudi Aramco’s IPO so significant?

Saudi Aramco’s IPO was a historic moment in global financial circles. The IPO was part of Saudi Arabia’s Vision 2030 initiative to transform the Saudi Arabian economy from an oil-based economy to a diversified one.

What was the biggest IPO for an American company?

Visa’s 2008 IPO was the biggest in U.S. history, raising $17.86 billion for the company. The IPO was historic in more ways than one, as it was launched during the financial crisis, and the stock went up by 30 percent on the first day of trading.

How has Alibaba’s IPO changed the market?

Alibaba’s 2014 IPO on the New York Stock Exchange was historic, raising $21.7 billion for the company, which was the biggest IPO in history at the time. The IPO was also historic in the sense that it showed the world’s interest in Chinese technology companies and their rapid expansion in China’s online economy.

Which of the IPOs have performed the best since their IPO?

Companies like Visa, AIA Group, and Facebook have performed extremely well since their IPO. The company that has performed the best since its IPO has been Visa, from its IPO of $17.86 billion to its current valuation of over $450 billion in 2023.

Why do some IPOs perform poorly after going public?

There are many reasons that may contribute to poor performance after an IPO. These may include situations where the valuation of the shares has been higher than the actual value of the shares, as well as situations where the market has been volatile. The Alibaba Group, as well as SoftBank, faced many challenges that affected the performance of the companies after going public.

What factors determine the success of an IPO?

The factors that determine the success of an IPO can be summarized as follows:

• Consistent revenue growth
• High investor confidence
• Presence of market demand
• Good leadership as well as reporting
• Pricing that is in line with the actual value of the shares

What are the most anticipated upcoming IPOs?

There are many companies that are planning to go public in the near future. Some of the companies that are planning to go public in the near future include Stripe, Databricks, as well as Reddit. Stripe, in particular, is likely to be the biggest IPO in the history of the stock market, as it has the potential to reach the trillion-dollar mark.