SpaceX’s groundbreaking IPO has reached new heights, as underwriters opted to acquire the full quantity of available shares, resulting in total proceeds of $85.7 billion.
Initially, Elon Musk’s aerospace and AI firm had secured $75 billion, already marking it as the largest IPO in history.
The company has announced plans for the utilization of these funds in various initiatives. Approximately $20 billion will be allocated to eliminate debts from older loans associated with X, the social media platform previously named Twitter, and Musk’s AI venture, xAI, both of which were integrated into SpaceX prior to the public offering.
Additional funding will support the enhancement of SpaceX’s AI computing systems, bolster its launching facilities, and advance the Starlink project.
SpaceX’s shares began trading on the Nasdaq on Friday, with the valuation exceeding $2 trillion by the day’s end, making Musk the first individual in history to achieve a trillion-dollar net worth. The company’s stock continued to rise on Monday, surpassing that of semiconductor giant TSMC in market value.
