SpaceX’s historic IPO just got super-sized, after underwriters of public offering Use His option to purchase the maximum amount of shares – bringing the total amount raised to $85.7 billion.
Elon Musk’s space-and-AI company initially raised $75 billion, enough to make it the biggest IPO windfall ever.
SpaceX has said that it plans to use the proceeds from this IPO in various ways. The company plans to repay about $20 billion of debt related to X, the social media company formerly known as Twitter, and legacy debt tied to Musk’s AI company XAI — both of which were merged into SpaceX ahead of the IPO.
The funds will also be used to expand SpaceX’s AI compute infrastructure, enhance its launch infrastructure, and improve Starlink.
SpaceX shares began trading on the Nasdaq exchange on Friday. The company ended the day with a valuation of more than $2 trillion and Musk became the world’s first trillionaire. Shares surged on Monday, helping SpaceX outperform chipmaker TSMC’s valuation.
