Oil Held the Biggest IPO Record. Tonight It Loses the Crown.

For nearly seven years, the largest IPO in history belonged to an oil company.

Not just any oil company.

Saudi Aramco, the crown jewel of the world's largest crude exporter, raised $29.4 billion in its 2019 market debut, cementing what many viewed as the ultimate victory lap for the petroleum age.

That record appears set to fall today.

SpaceX is expected to price what will likely become the largest IPO ever, raising roughly $75 billion and surpassing Aramco's long-standing mark.

The offering has reportedly attracted more than $70 billion in retail…