SpaceX’s biggest-ever IPO just grew to $85.7 billion raised

SpaceX’s historic IPO just got super-sized, after the public offering’s underwriters exercised their option to purchase the maximum amount of shares — bringing the total amount raised to $85.7 billion. Elon Musk’s space-and-AI company had initially raised $75 billion, which was already enough to make it the largest IPO windfall ever. SpaceX has said it plans to use the proceeds from this IPO in a variety of ways. The company plans to extinguish around $20 billion in debt related to legacy loans tied to X, the social media company formerly known as Twitter, and Musk’s AI company xAI — both of which were combined into SpaceX before the IPO. Funds will also be used to expand SpaceX’s AI compute infrastructure, enhance its launch infrastructure, and improve Starlink. SpaceX’s stock started trading on the Nasdaq exchange on Friday. The company finished the day with a valuation of more than $2 trillion, and Musk became the world’s first trillionaire. Shares climbed higher on Monday, helping SpaceX eclipse the valuation of chipmaker TSMC. Get an inside look at what it takes to scale and succeed from leaders at Mach Industries, Founders Fund, and Shinkei Systems. Through candid fireside chats and high-impact networking, you’ll walk away with valuable insights and new connections. Newsletters See More Subscribe for the industry’s biggest tech news Every weekday and Sunday, you can get the best of TechCrunch’s coverage. TechCrunch Mobility is your destination for transportation news and insight. Startups are the core of TechCrunch, so get our best coverage delivered weekly. Provides movers and shakers with the info they need to start their day. By submitting your email, you agree to our Terms and Privacy Notice.