SpaceX IPO tops expectations with $85.7bn raise

The space and artificial intelligence company issued a total of 638.9 million Class A shares, including 83.3 million additional shares sold through an overallotment option, commonly known as a "greenshoe" option. The transaction closed on June 15.

SpaceX shares began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12 under the ticker symbol "SPCX."

The final amount raised exceeded the initially reported $75 billion by roughly $10 billion, making the offering even larger than first announced. The additional proceeds came after underwriters exercised their right to purchase extra shares in response to strong investor demand.

A greenshoe option allows banks managing an IPO to sell additional shares beyond the original offering size. The mechanism is commonly used in highly anticipated listings to meet excess demand and help stabilize trading during a company's market debut.

According to SpaceX, major financial institutions including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, JPMorgan, Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities served as book-running managers for the offering.

Earlier, Qazinform News Agency reported that SpaceX's IPO boosted Musk's fortune as the world's richest person.