SpaceX’s record-breaking initial public offering has grown even larger after the underwriting banks exercised their option to purchase the maximum number of additional shares, increasing the total proceeds from the offering to approximately $85.7 billion.
The Elon Musk-led space and artificial intelligence company had initially raised $75 billion through the IPO, a figure that had already made it the largest public offering ever recorded.
According to SpaceX, the capital raised through the offering will be allocated across several strategic priorities. Around $20 billion will be used to eliminate outstanding debt tied to legacy loans associated with X (formerly Twitter) and Musk’s AI company, xAI, both of which were merged into SpaceX before the company went public.
The remaining funds will support the expansion of SpaceX’s artificial intelligence computing infrastructure, strengthen its launch facilities, and accelerate further improvements to its Starlink satellite internet network.
SpaceX shares began trading on the Nasdaq stock exchange on Friday. By the close of the first trading session, the company had achieved a market valuation exceeding $2 trillion, making Elon Musk the world’s first trillionaire on paper. The stock continued to gain on Monday, pushing SpaceX’s valuation beyond that of semiconductor giant TSMC.
