SpaceX's stock jumps as the company reveals its IPO has raised another $10.7 billion

By William Gavin

Underwriters on the already record-breaking IPO exercised the 'greenshoe' option to buy another 83 million shares

SpaceX made its public-market debut on Friday.

SpaceX shares are pushing higher in their second day of trading after the company disclosed that its record haul of initial-public-offering proceeds was an even bigger sum than first recorded.

The company included what's called a greenshoe option in its offering, allowing underwriters of the IPO to buy additional shares at the IPO price of $135 per share. SpaceX (SPCX) said that its underwriters had decided to fully exercise that option, buying 83.3 million further shares.

That means that the deal raised more than $85.7 billion. Before the underwriters bought up the additional shares, the IPO had brought in nearly $75 billion.

At first, Musk was not fully sold on including a greenshoe option in the IPO, according to Steve Jurvetson, a veteran Silicon Valley venture capitalist and member of SpaceX's board of directors. "Elon finally agreed to the IPO greenshoe options ... but only if the bankers all wore green shoes," he wrote in a post on X on Friday.

With $85.7 billion in IPO proceeds, SpaceX has now raised more than twice as much as Saudi Aramco did in its 2019 offering. In what had been a record until SpaceX went public, the state-owned oil company had raised $29.4 billion after exercising its own greenshoe option.

Monday's announcement comes as SpaceX's stock kicked off its second day on the public market. Shares rose nearly 20% on Monday to more than $192 apiece, more than 40% above the IPO price.

Don't miss: How Elon Musk nailed the SpaceX IPO: 'I'm not sure that this could have gone much better'

The stock's 19% jump on Friday made for what IPO research firm Renaissance Capital CEO Bill Smith called a "Goldilocks" debut. A weaker debut may have been viewed as a failure, but much stronger performance would have raised further concerns around a valuation predicated on "pure hype," he said in a newsletter.

Will Rhind, CEO of GraniteShares, seemed to take a similar view. "I'm not sure that this could have gone much better as far as SpaceX is concerned," he told MarketWatch on Friday.

The stock remains polarizing. CEO Elon Musk has pitched SpaceX as a long-term growth story with a lot of room to run as it chases ambitions in space. Critics, though, argue that SpaceX is already overvalued and that much of its worth is based on risky, not-yet-developed technology.

See more: Elon Musk makes sky-high trillion-dollar forecast for SpaceX revenue

"We think the market is assigning too much value to future optionality and too little discount to execution risk," CFRA's Keith Snyder said in a note to clients on Friday, as he put a sell rating on SpaceX's stock.

-William Gavin

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06-15-26 1623ET