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

In a remarkable turn of events, SpaceX has significantly increased its historic initial public offering (IPO) to an astounding $85.7 billion. This surge follows the decision by the offering’s underwriters to acquire the maximum number of shares available, elevating SpaceX’s status as the largest IPO in history. Initially, the space exploration and AI company led by Elon Musk had raised $75 billion, a figure already impressive enough to set new records. With the additional funds, SpaceX intends to tackle various financial objectives, including alleviating approximately $20 billion in debt accrued from legacy loans associated with both X—formerly known as Twitter—and Musk's AI venture, xAI. These entities have been consolidated under SpaceX in anticipation of the IPO. The proceeds will also facilitate the expansion of SpaceX's AI computing infrastructure, bolster its launch capabilities, and enhance the services provided by Starlink, their satellite internet constellation. Following its debut on the Nasdaq exchange, SpaceX concluded the trading day with a staggering valuation exceeding $2 trillion, propelling Elon Musk into the status of the world’s first trillionaire. Following this success, shares continued to rise on Monday, pushing SpaceX’s valuation beyond that of semiconductor giant TSMC.