The largest inflation-adjusted pre-IPO valuation of 1990-2000 was UPS at $119 billion, when the company was 92 years old.

Judged as of 2026-10-08. True: data on 1990–2000 IPOs show that UPS (IPO November 1999) had the largest pre-IPO valuation, inflation-adjusted to about $119 billion (roughly $110–128 billion, allowing for different inflation indices and base years), and that UPS was about 92 years old, having been founded in 1907. Mostly true: UPS was the largest, but the adjusted figure is moderately off (within about 20%) or the age is off by one or two years. Mixed: UPS was the largest but the dollar figure is substantially off, or the figure is right but another company had a larger valuation. Mostly false: UPS was among the largest but not the largest, and the figures are distorted. False: UPS was not near the top, or its valuation was far from the stated figure.

Set before the research began.

1. E1 UPS Goes To IPO Heaven CBS News · 10 November 1999

   “United Parcel Service traded at a 37 percent premium amid blistering volume Wednesday as the 92-year-old company's whopping $5.5 billion initial public offering rocketed out of the gate.”

2. E2 UPS Packs a Wallop in Record Stock Market Debut Los Angeles Times · 10 November 1999

   “The stock sale instantly made UPS one of the nation's largest publicly traded companies in the world, and assigned it a total stock market value of $60.2 billion.”

3. E3 Anthropic Valuation At $965B Could Swallow Domino's, Clorox, And 76 Other S&P 500 Firms, Burry Says Stocktwits · 6 October 2026

   “Burry contrasted that with the largest inflation-adjusted pre-IPO valuation of the 1990–2000 period: United Parcel Service Inc. (UPS) at $119 billion, when the company was already 92 years old.”

4. E4 UPS 1999 Online Annual Report United Parcel Service of America, Inc. (UPS)

   “After more than 92 years as a privately held company, UPS went public.”

5. E5 Internet IPOs Conclude a Sensational Year in 1999 WilmerHale (compiled by Hale and Dorr LLP data) · 31 December 1999

   “This was primarily due to seven IPOs over $1 billion each during 1999 by non-Internet related companies, led by UPS ($5.47 billion), Goldman Sachs ($3.66 billion) and Charter Communications ($3.23 billion).”

6. E6 UPS 1999 Online Annual Report United Parcel Service of America, Inc. (UPS)

   “During the course of the day, UPS sold 109.4 million shares of Class B Common Stock totaling $5.47 billion.”

E1 and E4 confirm that UPS was about 92 years old at its November 1999 IPO. E2 gives a total market value of $60.2 billion, and E5/E6 give the offering size as $5.47 billion. None of the evidence gives a pre-IPO valuation, an inflation-adjusted figure, or a ranking showing that UPS had the largest pre-IPO valuation of 1990–2000. E3 only repeats Burry's own claim, so the central point about the largest inflation-adjusted valuation cannot be settled from this evidence.