From SpaceX to Saudi Aramco: the biggest IPOs, and why Anthropic’s potential listing matters for the Middle East

SpaceX’s blockbuster Nasdaq debut in June 2026 rewrote the modern record for IPO proceeds and value, displacing the Saudis’ landmark 2019 Aramco offering. Now the prospect of an even larger listing from AI firm Anthropic has market watchers asking what a new record would mean for Middle Eastern investors, sovereign funds and regional financial markets.

Concise lead: what happened and what’s imminent

SpaceX raised $75 billion at its June 2026 IPO, valuing the company at roughly $2.1 trillion when shares closed on their first trading day, according to contemporaneous reporting. That haul eclipsed the previous headline-holder: Saudi Aramco’s $25.6 billion flotation in December 2019. Separately, Anthropic — the maker of the Claude family of AI models — confidentially filed in June and has been reported as seeking a listing that could value it near $2 trillion and raise tens of billions of dollars, with some media reporting targets up to $100 billion. Reuters and other outlets cited in reporting say Anthropic’s offering timetable has been shifted, potentially to after the US mid-term elections.

Verified facts from recent coverage

• SpaceX’s June 2026 IPO raised $75 billion and its first-day close implied a market capitalization of about $2.1 trillion (reported figures from June 2026 coverage).
• Saudi Aramco’s December 2019 public offering raised $25.6 billion and was the prior record-holder.
• Anthropic filed confidentially for a US IPO in June 2026 and has been reported to target a valuation around $2 trillion and to seek very large proceeds; some reports indicate plans to raise as much as $100 billion, and that marketing and timing have been adjusted toward the autumn and possibly after the US mid-terms.
• Anthropic disclosed very large losses for 2025 in its prospectus reporting and outlined extensive planned capital and infrastructure spending in coming years (reporting based on the company’s filing and Reuters coverage).

Why these listings matter for the Middle East

There are three practical channels through which mega‑IPOs in the United States can affect Middle Eastern economies and investors:

1) Sovereign wealth and portfolio re‑weighting

Huge, headline-grabbing listings shift the composition of global benchmarks and influence passive and active portfolio flows. Middle Eastern sovereign wealth funds and large institutional investors — which were central to the Aramco sale process in 2019 and remain major global allocators — may find headline AI or space listings prompt rebalancing or fresh allocations to capture growth exposure.

2) Mark‑to‑market gains and reported earnings

Major pre‑IPO stakes owned by public or sovereign institutions can create large one‑off accounting gains when private startups are revalued ahead of listing. Coverage of Anthropic’s private financings and SpaceX’s IPO shows how such revaluations can materially affect the reported earnings of companies and investors that held stakes — a dynamic that could ripple into regional listed firms and investors with exposure to the same tech ecosystem.

3) Strategy and fiscal planning in oil exporters

For oil-exporting states pursuing economic diversification — notably Saudi Arabia under its Vision 2030 framework during the Aramco listing — the timing and scale of global capital market events matter for policy signaling and domestic market development. A new wave of tech and AI public listings could reinforce decisions to accelerate sovereign investments into tech, cloud infrastructure or data-centre capacity, or conversely prompt more caution if valuations retrace post-listing.

Historical perspective: largest global IPOs

Comparisons across past jumbo offerings show that headline size does not guarantee superior long-term returns. Examples cited in reporting include:

• Saudi Aramco: $25.6 billion raised, December 2019 — the previous record before SpaceX.
• Alibaba: roughly $22 billion in its 2014 US listing.
• Meta (Facebook): roughly $16 billion in 2012.
• Visa and several large Chinese bank listings and telecom floats have also featured among the biggest, with very different subsequent performance records.

Analysts quoted in coverage point out that sector dynamics and underlying business models often explain long-term returns more than initial deal size.

Market implications and immediate questions

1. How large will Anthropic’s final raise and valuation be? Reports vary; some place its target near $2 trillion while others say fundraising goals could reach as high as $100 billion. Those are reported targets and not definitive facts.
2. Could a mega‑IPO change index and ETF exposures for regional investors? Yes — the inclusion of very large new listings can change index weights and therefore drive passive flows that affect global and regional asset allocations.
3. Will sovereign investors increase direct allocations to AI and cloud infrastructure? Past behaviour around strategic national IPOs and recent reporting of Anthropic’s capital needs suggest this is a realistic policy consideration, but any specific decisions would be subject to individual institutions’ governance.

Timeline of recent, relevant events (reported)

• December 2019 — Saudi Aramco raises $25.6 billion in its Riyadh listing (reported).
• June 2026 — SpaceX completes its Nasdaq IPO, raising $75 billion and listing with a first‑day close implying about $2.1 trillion market cap (reported).
• June 2026 — Anthropic confidentially files for a US IPO and is reported to be targeting a multi‑billion to potentially triple‑digit billion dollar raise; marketing and timing were reported adjusted toward autumn and possibly pushed past US mid‑term elections.

Unresolved points and caveats

Reporting to date contains differing figures and forward‑looking targets for Anthropic’s potential offering. Media accounts cite possible valuation targets near $2 trillion and fundraising aims ranging from tens of billions up to $100 billion; these are reported intentions rather than confirmed outcomes. Likewise, long‑term performance patterns after large IPOs have varied widely depending on sector, timing and fundamentals — so headline size alone is not a reliable guide to future returns.

What Middle East readers should watch next

• Official prospectus and final deal terms if Anthropic files publicly — these will confirm valuation, share count and use of proceeds.
• Statements or allocation plans from regional sovereign funds and strategic investors indicating whether they will subscribe or adjust allocations ahead of listing.
• Index provider announcements on potential inclusion that would mechanically change passive flows into large new listings.
• Post‑listing trading behaviour and first‑day price moves, which historically have shaped the perception of risk and reward for other investors.

Bottom line

SpaceX’s 2026 Nasdaq debut reset the scale for IPOs and displaced Saudi Aramco’s record from 2019. Anthropic’s confidential filing and reported ambitions — if realized — could set a new benchmark with meaningful consequences for Middle Eastern investors, sovereign funds and fiscal strategy. However, reported targets for valuation and proceeds vary across coverage, and final outcomes will hinge on official deal documents, timing and market reception.