economy
SpaceX IPO Raises Total of $85.7 Billion as Underwriters Exercise 'Greenshoe' Overallotment Option
Elon Musk's space and artificial intelligence company raised an initial $75 billion on Thursday.
TL;DR
- SpaceX's IPO total raised reached $85.7 billion after underwriters exercised the overallotment option.
- The initial IPO raised $75 billion, making it the largest ever.
- Underwriters exercised the 'greenshoe' option, allowing them to buy an additional 83.3 million shares.
- SpaceX stock surged 19% on its debut, closing around $161 and pushing its valuation past $2 trillion.
- Funds will be used for Starship rocket development, commercial flights, and deploying new V3 Starlink satellites.
- Future plans include building orbital data centers and a chip factory with Tesla and Intel.
- The company reported a $4.9 billion loss last year, with total losses exceeding $41 billion since its founding.