Major technology, energy, telecom, and financial companies dominate the list of the world’s largest IPOs.
SpaceX, owned by US billionaire Elon Musk, is preparing to offer 555.5 million shares in an initial public offering (IPO) at $135 per share. The offering is expected to be valued at about $75 billion. 
To date, Saudi Arabian Oil Co. (Saudi Aramco) remains the world’s largest IPO, after it offered its shares in 2019 in a deal valued at about $25.6 billion, or more than SAR 96 billion.
Earlier, the 1998 offering of Japan’s NTT ranked as the largest on an inflation-adjusted present-value basis, with the nominal value of the offering at the time reaching about $18.1 billion, or $36.75 billion currently.
The following table details the 11 largest IPOs in history, adjusted for inflation:
The 11 largest IPOs in history, adjusted for inflation
Company
Offering Date
Offering Value ($ bln)
Market
Sector
Inflation-Adjusted Offering Value ($ bln)*
Saudi Aramco
12/5/2019
25.60
NYSE
Energy
33.17
Alibaba
9/18/2014
21.77
Tokyo Stock Exchange
Technology
30.45
SoftBank
12/10/2018
21.35
Tokyo Stock Exchange
Communication Services
28.29
NTT Docomo
10/22/1998
18.09
NYSE
Communication Services
36.73
Visa
3/18/2008
17.86
Hong Kong Stock Exchange
Financial Services
27.86
AIA Group
10/21/2010
17.82
NYSE
Financial Services
27.13
Enel SpA
11/1/1999
16.45
Nasdaq
Utilities
32.55
5/17/2012
16.01
NYSE
Technology
23.20
General Motors
11/17/2010
15.77
Hong Kong Stock Exchange
Automobiles
24.01
Industrial and Commercial Bank of China
10/20/2006
13.96
NYSE
Financial Services
23.04
Deutsche Telekom
11/17/1996
13.03
NYSE
Communication Services
27.37
*Historical offering values adjusted based on US inflation rates to reflect their equivalent value in 2026 prices.
Major technology, energy, telecom, and financial companies dominate the list of the world’s largest IPOs.
SpaceX, owned by US billionaire Elon Musk, is preparing to offer 555.5 million shares in an initial public offering (IPO) at $135 per share. The offering is expected to be valued at about $75 billion.
To date, Saudi Arabian Oil Co. (Saudi Aramco) remains the world’s largest IPO, after it offered its shares in 2019 in a deal valued at about $25.6 billion, or more than SAR 96 billion.
Earlier, the 1998 offering of Japan’s NTT ranked as the largest on an inflation-adjusted present-value basis, with the nominal value of the offering at the time reaching about $18.1 billion, or $36.75 billion currently.
The following table details the 11 largest IPOs in history, adjusted for inflation:
The 11 largest IPOs in history, adjusted for inflation
Company
Offering Date
Offering Value ($ bln)
Market
Sector
Inflation-Adjusted Offering Value ($ bln)*
Saudi Aramco
12/5/2019
25.60
NYSE
Energy
33.17
Alibaba
9/18/2014
21.77
Tokyo Stock Exchange
Technology
30.45
SoftBank
12/10/2018
21.35
Tokyo Stock Exchange
Communication Services
28.29
NTT Docomo
10/22/1998
18.09
NYSE
Communication Services
36.73
Visa
3/18/2008
17.86
Hong Kong Stock Exchange
Financial Services
27.86
AIA Group
10/21/2010
17.82
NYSE
Financial Services
27.13
Enel SpA
11/1/1999
16.45
Nasdaq
Utilities
32.55
5/17/2012
16.01
NYSE
Technology
23.20
General Motors
11/17/2010
15.77
Hong Kong Stock Exchange
Automobiles
24.01
Industrial and Commercial Bank of China
10/20/2006
13.96
NYSE
Financial Services
23.04
Deutsche Telekom
11/17/1996
13.03
NYSE
Communication Services
27.37
*Historical offering values adjusted based on US inflation rates to reflect their equivalent value in 2026 prices.
