HAWTHORNE, Calif. — SpaceX's record-shattering public debut got even bigger this week. Underwriters led by Goldman Sachs and Morgan Stanley exercised their over-allotment option — the so-called "greenshoe" — lifting the total raised in the offering to $85.7 billion and extending what was already the largest IPO in history.
The move, confirmed June 15, came just days after SpaceX priced and raised a record sum on its Nasdaq trading debut. Bankers had held the option to purchase an additional 83.3 million shares, a standard mechanism that lets underwriters meet runaway demand. With SPCX climbing steadily out of the gate, exercising it in full was an easy call.
A Record That Keeps Growing
The greenshoe pushes the offering's total well past the figures that already made financial history. SpaceX priced its shares at $135 and opened at $150 on June 12, and the extra allotment adds billions more to the capital now sitting on the company's balance sheet — fuel for Starship, Starlink, and the company's expanding satellite and AI ambitions.
In a fitting touch, SpaceX employees wore green shoes as President and COO Gwynne Shotwell rang the opening bell at the Nasdaq, a nod to the over-allotment provision that has now been exercised. The detail captured the celebratory mood around an offering that drew enormous institutional and retail demand alike.
Toward the Top of the Market
The stock has rewarded early buyers. SPCX surged roughly 15% intraday this week to around $185, lifting SpaceX's market value to about $2.42 trillion. That ranks it among the six most valuable U.S. companies, trailing only Amazon's roughly $2.65 trillion and putting names that have dominated the market for years within sight.
The rally came as SPCX options began trading and the stock built on its strong debut. Research shop Morningstar flagged continued short-term upside, citing the depth of demand and the scarcity value of a pure-play space and satellite company on public markets.
What the Capital Buys
For SpaceX, the larger-than-expected haul is about more than a headline. The company is scaling Starship toward operational flights, expanding the Starlink constellation, and investing in orbital infrastructure that ties together launch, connectivity, and computing. A fully exercised greenshoe means more runway to pursue all of it at once, without leaning on outside financing.
The over-allotment marks the formal close of an offering that reset expectations for what a private-company debut can achieve, as CNBC reported in detail. With $85.7 billion raised and a valuation among the world's largest companies, SpaceX enters its public era with the resources to match its ambitions — and investors betting the climb has only begun.
