ABSTRACT In the beginning of 2023, the Be transient X-ray pulsar RX J0440.9+4431 underwent a first-ever giant outburst observed from the source peaking in the beginning of February and reaching peak luminosity of ≈4.3 × 1037 erg s−1. Here, we present the results of a detailed spectral and temporal study of the source based on NuSTAR, Swift, INTEGRAL, and NICER observations performed during this period and covering wide range of energies and luminosities. We find that both the pulse profile shape and spectral hardness change abruptly around ≈2.8 × 1037 erg s−1, which we associate with a transition to supercritical accretion regime and erection of the accretion column. The observed pulsed fraction decreases gradually with energy up to 20 keV (with a local minimum around fluorescence iron line), which is unusual for an X-ray pulsar, and then rises rapidly at higher energies with the pulsations significantly detected up to ≈120 keV. The broad-band energy spectra of RX J0440.9+4431 at different luminosity states can be approximated with a two-hump model with peaks at energies of about 10–20 and 50–70 keV previously suggested for other pulsars without additional features. In particular, an absorption feature around 30 keV previously reported and interpreted as a cyclotron line in the literature appears to be absent when using this model, so the question regarding the magnetic field strength of the neutron star remains open. Instead, we attempted to estimate field using several indirect methods and conclude that all of them point to a relatively strong field of around B ∼ 1013 G.