SpaceX underwriters have fully exercised their overallotment option in the landmark IPO, increasing the total funds raised to $85.7 billion, the company said on Monday.
Elon Musk’s space and artificial intelligence company raised an initial $75 billion on Thursday, News.Az reports, citing CNBC.
SpaceX’s brokers, which include Goldman Sachs and Morgan Stanley, had the option to buy an additional 83.3 million shares as part of the overallotment.
The overallotment, which is commonly referred to as the “greenshoe,” is bigger than almost all tech IPOs on record. Underwriters typically exercise the overallotment when the stock rises.
SpaceX is the biggest IPO ever. After pricing at $135 per share, the stock soared in Friday’s debut, climbing 19%. The stock closed at around $161, pushing the company’s valuation past $2 trillion.
Shares of SpaceX continued to climb on Monday, jumping more than 6% in their first full day of trading.
Musk told employees gathered at SpaceX’s Starbase headquarters in Texas on Friday that he wanted to take the company public now to raise capital for “a significant growth phase.”
The funds are expected to help SpaceX build and run AI data centers in space, known as orbital data centers. Musk has pitched space-based data centers as a solution to AI’s power needs, though the technology remains unproven and comes with a host of associated risks.
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