$85.7 Billion IPO: SpaceX Raised Additional Funds Through a Secondary Offering

The underwriters for the IPO of Elon Musk’s aerospace company SpaceX have officially exercised their option to purchase additional shares as part of the initial public offering, according to CNBC. As a result, the total amount of funds raised by SpaceX during the listing has increased to $85.7 billion. SpaceX reported that its underwriters purchased 83.3 million additional shares through this option, Reuters notes.

Earlier on Thursday, it was reported that SpaceX had raised $75 billion in its IPO. As CNBC explains, underwriters typically exercise their greenshoe option when the stock price rises after the IPO.

On its first day of trading, SpaceX’s stock surged by more than 19%. On Monday, June 15, it rose another 6.6% to $171 per share. As a result, SpaceX’s total market capitalization exceeded $2 trillion, propelling the company into the top 7 most valuable U.S. corporations and making Elon Musk the world’s first trillionaire.

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