SpaceX IPO Tops $85.7 Billion After Greenshoe Exercise — Biggest Debut in History

SpaceX's historic IPO has grown even larger after underwriters officially exercised their overallotment option, pushing total proceeds to $85.7 billion. The company had already raised $75 billion in its initial pricing — the largest IPO ever recorded — and the additional $10.7 billion unlocked through the so-called 'greenshoe' option dwarfs nearly every standalone tech IPO on record. Goldman Sachs and Morgan Stanley led the underwriting syndicate, which had the right to purchase an additional 83.3 million shares. Underwriters typically exercise the greenshoe only when a stock rises, which SpaceX's emphatically did: shares priced at $135 apiece and surged 19% on debut day, closing around $161. By Monday morning, the stock had climbed another 7%-plus.

The frenzied trading vaulted SpaceX's market capitalization past $2.1 trillion — an extraordinary figure for a company that posted a $4.9 billion net loss last year and has accumulated more than $41 billion in total losses since its founding. Revenue remains a fraction of traditional tech megacaps, yet investors are valuing the company at roughly 112 times last year's sales, a multiple that reflects enormous bets on future growth rather than present-day fundamentals.

Elon Musk addressed employees at Starbase in Texas on Friday, framing the IPO as a launchpad for a 'significant growth phase.' The capital injection is earmarked for several ambitious projects: completing and commercializing Starship — the largest rocket ever built, still in active testing — and deploying next-generation V3 Starlink satellites that could dramatically expand the company's internet service. SpaceX has also outlined plans to build and operate AI data centers in orbit, pitching the concept as a solution to the land-based power constraints choking terrestrial AI infrastructure, though the technology is unproven and carries substantial risk.

Beyond rockets and satellites, SpaceX intends to co-develop a large-scale chip fabrication facility in Texas alongside Tesla and Intel, deepening Musk's cross-company industrial ambitions. Meanwhile, SpaceX staff celebrated the greenshoe exercise with a bit of theater — showing up to the trading floor wearing green shoes on Friday, a lighthearted nod to the financial term, with Musk amplifying the moment on X.