OpenAI has filed confidentially for an IPO, targeting a valuation of up to $1 trillion. Rival Anthropic also filed after a $965 billion valuation, and SpaceX is pursuing what could be the largest public offering in history.

The prospect of these blockbuster listings has reignited interest in IPOs, but history shows mega-listings don't always guarantee stellar returns.

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- Figure 1 -

Saudi Aramco - The largest IPO ever, raising $25.6 billion in December 2019 at a $1.7 trillion valuation. Shares debuted at 32 riyals, hit a 10% daily limit, and closed at 35.20 riyals. Today, the stock trades at 27.16 riyals, well below its post-IPO highs.

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- Figure 2 -

Alibaba - Raised $21.8 billion in September 2014 at $68 a share, debuted at $92.70, and closed at $93.89. Shares now trade at $120.07.

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- Figure 3 -

SoftBank Corp - Raised ¥2.65 trillion in December 2018 at ¥1,500 per share, but debuted below the IPO price at ¥1,463, closing at ¥1,282. Shares now trade at ¥213.80 (adjusted for splits).

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- Figure 4 -

NTT DoCoMo - Raised ¥2.1 trillion in October 1998 at ¥3.9 million per share, debuted at ¥4.65 million. The company was taken private in December 2020 at ¥3,900 per share.

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- Figure 5 -

Visa - Raised $17.9 billion in March 2008 at $44 a share, debuted at $59.50, and closed at $56.50. Shares now trade at $319.67, one of the best long-term performers.