SpaceX’s Blockbuster IPO Shatters Records

When SpaceX finally debuts on the Nasdaq, under the ticker symbol SPCX, it will almost certainly set a record for the largest offering ever, by a significant margin.

Elon Musk’s reusable rocket maker filed its long-awaited IPO prospectus this week, reportedly aiming to raise around $75 billion. This figure more than triples the size of the largest U.S. IPO to date, which was Alibaba’s $22 billion offering in 2014.

The next largest U.S. IPOs were from Visa, which raised nearly $18 billion in 2008, Enel SpA’s $16.5 billion deal in 1999, and Facebook’s $16 billion 2012 debut.

Investors are pinning hopes on SpaceX to revitalize an IPO market that has experienced muted activity since late 2021. Persistently high inflation and rising interest rates had previously driven investors away from riskier assets. While the subsequent artificial intelligence boom has propelled companies like OpenAI and Anthropic to stratospheric valuations, both remain private and are reportedly eyeing potential public debuts, possibly this year. OpenAI, in particular, is rumored to be preparing for a confidential filing as soon as this week.

Cerebras recently provided Wall Street with an opportunity to invest in AI hardware through its Nasdaq listing, the largest tech offering since Uber’s IPO in 2019. However, for many promising private companies such as Databricks and Stripe, the availability of substantial private funding has often made staying private a more attractive proposition.

While SpaceX is poised to achieve unprecedented financial figures, the history of the IPO market is marked by several colossal offerings reaching into the tens of billions. Here’s a look at some of the largest U.S. IPOs to date:

Alibaba

The Chinese tech and e-commerce behemoth raised an impressive $21.8 billion upon its debut on the New York Stock Exchange in 2014, establishing a new record for the largest IPO in history at that time. Over a decade later, Alibaba remains a dominant force in its domestic market, excelling in online retail and cloud computing. However, the company’s stock has experienced a significant downturn, losing well over half its value since its peak in October 2020. Amidst a broader trend of corporate restructuring amplified by AI advancements, Alibaba significantly reduced its workforce by approximately one-third last year while divesting certain retail operations. The company is actively investing in semiconductor initiatives to bolster its artificial intelligence capabilities.

Visa

Despite the looming financial crisis, Visa made a powerful entrance into the public market in 2008, raising $17.8 billion. The payments giant’s stock saw an immediate surge of up to 38% on its first day of trading, providing a significant boost to many banking institutions already strained by the housing collapse that was impacting the broader economy. Visa shares reached a closing high of $373.31 in June and are currently trading around $330.

Enel SpA

In November 1999, the Italian multinational utility company Enel SpA went public, raising nearly $16.5 billion and setting a new benchmark as the largest IPO ever at the time. The privatization process began with its IPO, though the Italian government retains a substantial stake of close to a quarter of the company. Enel is now strategically expanding its global footprint, with ambitious plans to invest tens of billions of dollars in renewable energy projects across the U.S. and Europe between 2026 and 2028. The company’s shares have seen a notable increase of approximately 25% over the past year.

Facebook

More than a decade after its 2012 debut, Meta (formerly Facebook) still holds the record for the largest offering by a U.S. tech company. The company raised approximately $16 billion, instantly valuing it at around $100 billion. Facebook’s IPO paved the way for a wave of social media listings in subsequent years, including Twitter, Snap, Pinterest, and most recently, Reddit. Elon Musk acquired Twitter in 2022, subsequently rebranding it to X before its acquisition by xAI, which is now part of SpaceX. Over the years, Meta has solidified its position as one of the world’s most valuable tech companies, with a current market capitalization of approximately $1.5 trillion. In 2021, the company rebranded to Meta, signaling a strategic pivot towards the metaverse. More recently, Meta has significantly increased its investments in AI, including a substantial $14 billion deal with Scale AI last year and bringing in its CEO, Alexandr Wang, to lead key AI initiatives.

General Motors

In its return to the public market in November 2010, General Motors raised $15.8 billion. This followed a period of significant financial distress, including a Chapter 11 bankruptcy filing due to substantial debt, which necessitated a massive government bailout and a comprehensive business overhaul. Under Mary Barra’s leadership, the first female CEO of a major U.S. automaker appointed in 2014, the company has navigated a complex landscape. Despite facing challenges such as fluctuating demand and ambitious, yet sometimes faltering, electric vehicle initiatives, GM’s stock has demonstrated resilience, rallying 52% over the past year.

Deutsche Telekom

The European telecommunications giant Deutsche Telekom achieved a significant milestone with its NYSE debut in November 1996, raising over $13 billion. This listing was a prominent example of state-owned asset privatization, mirroring similar moves by entities like Spain’s Telefónica and British Airways. Deutsche Telekom, which holds a majority stake in U.S. wireless provider T-Mobile, is currently collaborating with Elon Musk’s SpaceX on Starlink satellite mobile services across ten European countries, including Germany, Austria, Poland, Hungary, and Greece.

Rivian

Rivian’s IPO in late 2021 generated $11.9 billion, and its initial market surge briefly surpassed the valuations of established automakers like Ford and GM. However, the company’s stock has since experienced a dramatic decline of over 90% from its peak, attributed to increasing global competition and softening demand for electric vehicles. Rivian recently adjusted its 2027 profitability target as it escalates investments in autonomous technology and new vehicle development. In a strategic move, Uber invested $1.25 billion in Rivian in March, securing an option for up to 50,000 robotaxis over the next five years.

AT&T Wireless

The spinoff of AT&T’s wireless business generated $10.6 billion in its April 2000 offering, a deal spearheaded by Goldman Sachs. This marked the commencement of a complex series of corporate transformations. In 2004, Cingular Wireless, a joint venture between SBC Communications and BellSouth, acquired AT&T Wireless. Subsequently, SBC acquired the original AT&T and adopted its name. Following the acquisition of BellSouth in 2007, the entity formerly known as AT&T Wireless was rebranded as AT&T Mobility, now a key subsidiary of AT&T, which stands as the third-largest wireless carrier in the U.S., trailing Verizon and T-Mobile.