SpaceX vs Saudi Aramco: The Largest IPO in History — What GCC Traders Need to Know

On 12 June 2026, a record that stood for nearly seven years fell. When SpaceX shares began changing hands on the Nasdaq under the ticker SPCX, the company had already raised roughly $75 billion — comfortably eclipsing the $29 billion that Saudi Aramco raised in December 2019. For Gulf traders, this is not a distant Wall Street story. Aramco's listing was a point of national pride across the Kingdom and the wider GCC, the moment Saudi Arabia put its crown jewel on a public exchange. To see that record broken — and broken by a private rocket company — reframes how the largest deals in history are made, and who makes them.

This article compares the two landmark listings, explains what actually changed in global markets when SpaceX priced, and shows how traders across Riyadh, Dubai, Doha and beyond can engage with both stories using CFDs.

Key Takeaways

• SpaceX raised $75 billion, dethroning Saudi Aramco's $29 billion (2019) as the largest IPO in history.
• SPCX priced at $135/share (556.6M shares) and closed day one at $161, up 19%, pushing market cap past $2 trillion — the 6th-largest US public company.
• The deal was roughly 4x oversubscribed ($250B in orders) across a ~21-bank syndicate, with heavy Gulf sovereign-wealth participation (PIF, QIA, KIA, MGX, Mubadala and others — combined ~$15–17B).
• Aramco and SpaceX are fundamentally different businesses: a state-backed energy giant built on proven cash flows versus a growth-driven space and satellite-internet story led by Starlink.
• GCC traders can express views on both narratives — SPCX share CFDs, plus US tech indices and energy/oil CFDs — on Markets.com, without owning the underlying shares.
• CFDs are leveraged and high-risk; position sizing and risk controls matter more than ever around a volatile new listing.

Two Record IPOs, Two Very Different Companies

It is tempting to treat "largest IPO in history" as a single league table, but Aramco and SpaceX sit at opposite ends of the corporate spectrum.

Saudi Aramco (2019) floated a small slice of the world's most profitable company onto the Tadawul, later adding an international tranche. It was an energy behemoth with decades of proven reserves, vast dividends and a valuation anchored to the price of crude. The listing was as much a strategic statement — a cornerstone of Vision 2030 and the diversification of the Saudi economy — as it was a capital-raising exercise. Investors bought predictable, cash-generative scale.

SpaceX (2026) is the opposite archetype. It is a growth story. The headline numbers are driven less by today's earnings and more by the future: reusable launch dominance, and above all Starlink, the satellite-internet network that generated roughly $11.4 billion in revenue in 2025 — more than 60% of group revenue — and served 10 million-plus active customers across 160 countries by early 2026. Where Aramco sold certainty, SpaceX sold trajectory.

That distinction matters for traders. Aramco's share price tends to move with oil, OPEC+ policy and dividend expectations. SPCX, by contrast, behaves like a high-beta growth and technology name — sensitive to risk appetite, interest-rate expectations, Starlink subscriber data and the broader AI-and-space investment theme.

Why the size gap is so large

Aramco floated a minority stake to preserve state control, capping the headline raise. SpaceX, pricing into roughly $250 billion of orders at around 4x oversubscription, was able to place a far larger primary and secondary block. Demand of that scale — partly fuelled by the same Gulf sovereign funds that anchored Aramco's own story — is what propelled the raise past $75 billion and the valuation beyond $2 trillion on day one.

What Actually Changed in Markets on 12 June

A record IPO is more than a trophy. Several things shifted that GCC traders should note.

A new mega-cap entered the index conversation. Closing at $161 with a market cap above $2 trillion, SpaceX immediately ranked as the 6th-largest publicly traded US company. Names of that size eventually influence the Nasdaq 100 and S&P 500, which means even traders who never touch SPCX directly may feel its weight through US index CFDs.

The "space economy" became investable at scale. Until now, exposure to the commercial space and satellite-broadband theme was fragmented. A liquid, $2-trillion listing gives the whole sector a reference point and is likely to pull capital — and attention — toward adjacent names.

Gulf capital was front and centre. Saudi's PIF, the Qatar Investment Authority, Kuwait Investment Authority, Abu Dhabi's MGX and Mubadala, Oman Investment Authority and Prince Alwaleed's Kingdom Holding were all reported among participants, with combined Gulf stakes estimated at $15–17 billion. For a region that watched its own Aramco set the previous record, helping to fund the company that broke it is a striking full-circle moment — and a reminder that GCC capital is now a structural force in the largest global deals.

Volatility expectations reset. A 19% first-day move on a name this large signals the kind of two-way price action that creates both opportunity and danger. For CFD traders, that volatility is the raw material — but it cuts both ways.

How GCC Traders Can Trade Both Stories

One of the advantages of CFDs is that you can take a position on a price movement — up or down — without owning the underlying asset, and you can do it across multiple markets from a single account. That makes the SpaceX-vs-Aramco theme unusually tradable.

On Markets.com, a multi-asset CFD platform, GCC traders can typically approach this in three complementary ways:

The SpaceX story directly — SPCX share CFDs

Where available, SPCX share CFDs let you go long if you believe the post-IPO momentum and Starlink growth narrative have further to run, or short if you think the day-one pop overshot fundamentals. Because CFDs are traded on margin, you can size a position to your conviction — and your risk tolerance — and fund in AED or SAR rather than converting to dollars upfront.

The broader market reaction — US index CFDs

If your view is about the sector rather than the single stock, US tech-heavy index CFDs (such as the Nasdaq 100) capture the broader risk-appetite and mega-cap effect that a $2-trillion listing helps drive — with less single-name headline risk than holding SPCX alone.

The other side of the record — energy and oil CFDs

The Aramco half of the comparison is, at its core, an energy story. Crude oil and energy CFDs let GCC traders engage with the macro backdrop that still anchors the region's flagship listing — OPEC+ decisions, demand cycles and the price of Brent. Pairing a growth-tech view (SPCX) with an energy view (oil) is a natural way to express how the global capital narrative is rotating.

Markets.com brings these together with tight spreads, fast execution, web and mobile platforms, a free demo account to practise on, and risk-management tools including stop-loss, take-profit and negative-balance protection — useful around a newly listed, fast-moving name.

Reading the Comparison as a Trading Signal

The SpaceX-vs-Aramco contrast is also a lens on where global capital is leaning. Aramco's record embodied the old anchor of value: tangible reserves and reliable dividends. SpaceX's record embodies the new one: scalable technology platforms and recurring subscription revenue from Starlink.

For Gulf traders, that does not mean choosing a side. The smarter read is that both themes remain live, and the region's economies — diversifying under Vision 2030 and similar strategies — straddle both. Energy still funds the sovereign wealth that helped underwrite SpaceX. A balanced trader can hold views on each, and CFDs make it practical to do so from one platform, in local currency, during US market hours.

Risk: The Part You Cannot Skip

A record IPO generates excitement, and excitement is where discipline tends to slip. SPCX rose 19% on day one — but newly listed shares are notoriously volatile, with thin trading history and sharp reversals common in the first weeks. Index and oil CFDs carry their own macro and geopolitical risks.

CFDs are leveraged products. Leverage magnifies both gains and losses, and the majority of retail CFD accounts lose money. You can lose more than you might expect if positions move against you, which is why stop-losses, sensible position sizing and trading only what you can afford to lose are essential. None of this is financial advice. Consider practising on a demo account first and ensure you fully understand how margin and financing costs work before committing real capital.

How to Start Trading CFDs on Markets.com

Starting CFD trading on Markets.com involves a few simple steps:

Step 1: Open and verify your account

Visit the Markets.com website or download the mobile app. Click Create Account, enter your personal details, and complete the required KYC verification by uploading proof of identity and proof of address.

Step 2: Fund your trading account

Once your account is approved, choose a suitable account type and deposit funds using an available payment method such as a card, bank transfer or e-wallet. The minimum deposit is $100.

Step 3: Choose a market and place your trade

Open the trading platform, select an asset such as gold, forex, indices or shares, and analyse the chart. Choose Buy/Long if you expect the price to rise, or Sell/Short if you expect it to fall. Before confirming the trade, consider using stop-loss and take-profit orders to manage risk.

Conclusion

Saudi Aramco's 2019 listing showed the world the scale of Gulf capital. SpaceX's 2026 debut — the largest IPO in history at $75 billion, valued above $2 trillion on day one — showed how that same capital now helps shape the biggest deals on Earth, and beyond. The two records, set seven years apart, capture a shift from energy certainty to technology growth that is still playing out in real time.

For GCC traders, the opportunity is not to pick the winner but to engage with both narratives intelligently and with clear risk controls. If you want to trade SPCX share CFDs, US index CFDs or energy CFDs — long or short — you can explore the markets, open a free demo account and practise your strategy on Markets.com before risking real funds.

Frequently Asked Questions

Was SpaceX's IPO really bigger than Aramco's?

Yes. SpaceX raised approximately $75 billion in its June 2026 Nasdaq listing, surpassing Saudi Aramco's $29 billion raise in December 2019 to become the largest IPO in history by capital raised.

Why does the SpaceX IPO matter to GCC traders specifically?

Beyond the broken record, Gulf sovereign-wealth funds — including Saudi's PIF, the Qatar and Kuwait investment authorities, and Abu Dhabi's MGX and Mubadala — were reported among participants, with combined stakes estimated at $15–17 billion. The region helped fund the company that dethroned its own flagship listing.

Can I trade SpaceX (SPCX) shares from the Gulf without buying them outright?

With CFDs, you take a position on the price movement without owning the underlying shares. Where SPCX share CFDs are available, you can go long or short and fund in local currency such as AED or SAR on platforms like Markets.com.

How can I get exposure to the "Aramco side" of this story?

The Aramco comparison is fundamentally an energy story. Crude oil and energy CFDs let you engage with the macro backdrop — OPEC+ policy, demand and Brent prices — that still anchors the region's flagship listing.

Is trading a brand-new IPO like SPCX risky?

Yes. Newly listed shares often have thin trading history and can be highly volatile, with sharp reversals. Combined with the leverage inherent in CFDs, this makes strict risk management — stop-losses, modest position sizing and trading only what you can afford to lose — especially important.