WASHINGTON (dpa-AFX) - Space Exploration Technologies Corp. (SPCX) has boosted the funds from its historic initial public offering to a massive $85.7 billion, with underwriters deciding to exercise their overallotment option, as mentioned in an investor relations update released on Monday.
Under Elon Musk's leadership, the company initially netted $75 billion during its market debut last week, marking the largest IPO ever. Major players like Goldman Sachs and Morgan Stanley exercised their right to buy an extra 83.3 million shares through the 'greenshoe' option, adding another $10.7 billion to the pot.
This decision came in response to strong demand from investors, which pushed SpaceX shares up significantly after their debut. They were priced at $135 per share, but the stock soared by 19% on the first trading day, eventually closing near $161, bringing the company's valuation to over $2 trillion. On Monday, shares kept climbing, jumping more than 7% in early trading.
In a talk with employees at SpaceX's Starbase in Texas, Musk explained that the public offering is aimed at funding a major new growth phase.
The company plans to use these funds to further develop its Starship rocket program, enhance its Starlink satellite internet network with next-gen V3 satellites, and tackle ambitious projects like orbital data centers and a large semiconductor manufacturing partnership with Tesla and Intel.
Even with its fast growth, SpaceX reported a $4.9 billion loss last year and has racked up over $41 billion in losses since it started.
Still, investors are backing the company's long-term vision, which has pushed its valuation above $2 trillion, firmly placing it among some of the most valuable companies.
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