Saudi Aramco's Limited IPO Float Makes It a Poor Precedent for Mega-IPOs Like SpaceX

Saudi Aramco's $29.4B IPO is not a valid proxy for assessing whether mega-IPOs like SpaceX can succeed, as it floated only 1.5% of the company with government maintaining 97% ownership. Companies like Alibaba and SoftBank, which expanded their public float significantly over time, provide better precedents. The article argues that even with pre-IPO tender offers releasing liquidity, the market has never successfully absorbed a trillion-dollar IPO where capital raising was the primary goal.