San francisco: SpaceX, under the leadership of Elon Musk, is poised to make history with its upcoming initial public offering. The company, which also owns Starlink, is targeting a valuation of approximately $1.75 trillion and aims to raise $75 billion, a figure that would surpass the previous record held by Saudi Aramco's $29.4 billion IPO in 2019. The final listing price is expected to be set late Thursday, with public trading anticipated to commence on Friday.
According to Anadolu Agency, SpaceX's anticipated IPO stands to eclipse some of the most significant market debuts in history across various sectors, including oil, financial, technology, and telecom. Saudi Aramco's IPO remains the largest to date, having raised a record $29.4 billion when it listed on Riyadh's Tadawul exchange. This offering was a key component of Crown Prince Mohammed bin Salman's Vision 2030, although only a small fraction of shares were made available to the public.
Alibaba Group's $25 billion IPO on the New York Stock Exchange in 2014 was a landmark event for global technology listings, giving international investors a gateway into China's burgeoning consumer internet market. However, regulatory tensions have since complicated such listings for Chinese firms in the United States.
SoftBank Corp., the Japanese telecom division of SoftBank Group, raised $23.5 billion in 2018, marking Japan's largest IPO. Despite the significant funds raised, the debut saw a decline in share value on the first trading day, highlighting that a large IPO does not always ensure market success.
The Agricultural Bank of China's $22.1 billion IPO in 2010 briefly set a global record, reflecting China's growing influence in global capital markets. Similarly, the Industrial and Commercial Bank of China's $21.9 billion IPO in 2006 was a milestone in China's banking reform and attracted significant international investor interest.
AIA Group's $20.5 billion IPO in 2010 was crucial for the insurance sector, offering investors exposure to Asia's expanding middle class and growing demand for insurance. Visa's $19.7 billion IPO in 2008, during the global financial crisis, was notable for its resilience and subsequent long-term market success.