SPCX Stock Extends Its Relentless Rally – SpaceX Expands Historic IPO To $85.7B After Underwriters Exercise Greenshoe Option

SpaceX underwriters fully exercised their option to purchase an additional 83.3 million shares, representing 15% of the original offering.

• The action increased total proceeds raised to around $85.7 billion, from the initial $75 billion.
• SpaceX sold a total of roughly 639 million shares as part of the IPO, after the option was exercised.
• Elon Musk expects SpaceX’s revenue to reach around $1 trillion by 2030.

Space Exploration Technologies Corp.’s (SPCX) record-breaking initial public offering has grown even larger after underwriters fully exercised their overallotment option, increasing total proceeds raised to around $85.7 billion.

The Elon Musk-led space and artificial intelligence company originally raised $75 billion by selling 555.6 million shares at $135 each in the largest IPO ever completed, easily eclipsing Saudi Aramco’s $29 billion IPO in 2019.

SPCX shares were up around 11% at the time of writing, having closed 19% higher on Friday.

Underwriters Exercise Additional 83.3M Share Option

As part of the IPO, underwriters were granted the option to purchase an additional 83.3 million shares, representing 15% of the original offering. The full exercise of the greenshoe option increased the total number of shares sold to nearly 639 million and added roughly $10.7 billion in proceeds.

Goldman Sachs, Morgan Stanley, BofA, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital, UBS, and Wells Fargo Securities acted as book-running managers for the offering, according to The Fly.

Musk’s $1 Trillion Revenue Forecast

Replying to a message on X, Musk said SpaceX could record $1 trillion in revenue by 2030. “I think SpaceX might be able to reach approximately $1T revenue in 2030,” he stated. “And I would be surprised if revenue is not greater than $1T in 2031,” he stated in another post.

Despite broader Street optimism, CFRA initiated coverage of SpaceX with a ‘Sell’ rating, citing the company’s “extremely ambitious growth strategy, elevated valuation expectations, and significant capital intensity.”

Retail Bulls Eye $400

Retail sentiment on Stocktwits trended in the ‘extremely bullish’ territory, amid ‘extremely high’ message volumes.

One user expects the stock to surge to around $400 within a year. It is currently trading at around $174.

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Another user expects the company to release more shares to justify its valuation.

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