SpaceX closes up 20%! IPO fundraising total rises to $85.7 billion, “green shoe” over-allotment settled
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SpaceX sets another record for its largest IPO ever. With underwriters exercising the over-allotment option, the total amount raised by SpaceX in this listing has risen to $85.7 billion, breaking the global IPO record.
According to investor relations announcements, underwriters officially exercised the "Green Shoe" over-allotment option on Monday, raising over $10 billion in addition to the previous $75 billion. This over-allotment amount alone exceeds the IPO scale of almost all tech companies in history.
Underwriters usually exercise this option when share prices rise. On its first day of listing, SpaceX's stock surged 19%, followed by another 19.6% increase on the second day, closing at $192.50 with a market capitalization exceeding $2.5 trillion.
Last Friday at SpaceX's Starbase headquarters in Texas, Musk told employees that this decision to go public was meant to raise funds for the company's "major growth phase." The funds raised in the IPO are expected to be used for completing the development of the Starship rocket and advancing commercial flights, as well as supporting ambitious strategic layouts such as orbital data centers and chip factories.
83.3 Million Shares Over-Allotment Finalized
The IPO underwriters include Goldman Sachs and Morgan Stanley, both of which had the option to purchase an additional 83.3 million shares through the over-allotment right, which was officially exercised on Monday.
The "Green Shoe" option provides flexibility for underwriters during the stabilization period after IPO pricing—exercising the option when stock performance is strong not only locks in extra gains but also sends a positive signal to the market.
Last Friday, SpaceX employees wore green shoes in the trading hall to pay tribute to this mechanism, and Musk promptly shared related photos on the X platform.
Starship and Satellites: Clear Fund Allocation
According to the company's plan, the raised funds will focus on two core businesses. The first is the Starship rocket project, which is the largest rocket ever built and launched, currently still in the testing phase. It has mainly carried simulated satellites so far, with the ultimate goal of full reusability.
The second is deploying the new generation of V3 Starlink satellites to greatly expand the coverage and capacity of the Starlink satellite internet service.
Additionally, SpaceX plans to build and operate AI data centers in orbit, and intends to jointly construct a large chip factory in Texas with Musk's Tesla and Intel. Musk positions space data centers as a solution to AI energy consumption problems, but this technology has not yet been proven.
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