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The largest sports-related public listings ever — from Manchester United to DraftKings' SPAC and Fanatics' path, with how each stock actually performed.
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Sport meets the stock market at ever larger valuations — clubs, sportsbooks, leagues and apparel empires all listing publicly. Ranked by valuation at listing, these are the biggest sports flotations ever, with the part prospectuses skip: how they performed after.
Ranked by market value at IPO/listing (all figures approximate):
| # | Company | Listing | Valuation at Listing | Performance Since |
|---|---|---|---|---|
| 1 | Porsche (motorsport-adjacent) | 2022, Frankfurt | $72B | Europe's largest listing of its decade |
| 2 | DraftKings | 2020 SPAC, Nasdaq | $3.3B → $20B+ peak era | The defining sports betting stock |
| 3 | Fanatics (private rounds) | Pending IPO | $31B private mark | The most anticipated listing in sports |
| 4 | Manchester United | 2012, NYSE | $2.3B | Flat for a decade until takeover premium talk |
| 5 | Flutter (US primary listing) | 2024, NYSE | $40B+ | Re-rated as a US growth stock |
| 6 | Juventus | 2001, Milan | $1.5B era | The club-listing cautionary tale |
| 7 | Atlanta Braves (Liberty spin) | 2023, Nasdaq | $4B+ | First pure-play US major franchise stock |
| 8 | Rush Street Interactive | 2020 SPAC | $1.8B | Survived the SPAC class of 2021 |
| 9 | Genius Sports | 2021 SPAC | $1.5B | The sports-data pick-and-shovel play |
| 10 | Super Group (Betway) | 2022 SPAC | $4.75B | Betting SPAC that actually endured |
Clubs underperform; the ecosystem outperforms: publicly traded football clubs (United, Juventus, Ajax) have been chronic laggards — trophy assets don't optimize for shareholders. The winners were infrastructure: data (Genius, Sportradar), betting platforms (DraftKings, Flutter) and commerce (Fanatics' private marks).
The SPAC class of 2020-21 was betting's IPO wave: DraftKings' SPAC worked spectacularly; a dozen imitators didn't. The survivors share one trait — they were already revenue businesses, not concept decks with stadium renderings.
The Braves spin-off opened a door: a pure-play publicly traded MLB franchise created the first clean market price for a US team — and private equity's league-approved entry into franchise ownership means more sports equity is coming to public markets this decade.
Depends on definition: DraftKings' SPAC became the defining sports-betting listing, while Flutter's 2024 NYSE primary listing brought the largest sports-betting market cap ($40B+) to US markets.
A few: Manchester United (NYSE), Juventus and Borussia Dortmund (Europe), and Atlanta Braves Holdings (Nasdaq). Most franchises remain private — for now.
