SpaceX IPO Hits Historic $85.7 Billion as Greenshoe Option is Exercised

Elon Musk’s SpaceX has rewritten the history books by expanding its massive initial public offering (IPO) proceeds to a staggering $85.7 billion. This surge follows the decision by underwriters to exercise the "greenshoe" option, responding to unprecedented investor demand that continues to push the company's valuation into uncharted territory.

Record-Breaking Proceeds and the Greenshoe Effect

Initially, SpaceX raised $75 billion by selling 555.56 million shares at a price of $135 per share. However, due to the overwhelming appetite from both institutional and retail investors, the underwriters—led by Goldman Sachs and Morgan Stanley—exercised the greenshoe option to purchase an additional 83.3 million shares. This maneuver increased the total haul by $10.7 billion, bringing the final figure to $85.7 billion.

In the U.S. stock market, the greenshoe option serves as a strategic "safety valve." It allows underwriters to stabilize a stock's price and manage volatility when demand far outstrips supply. Because SpaceX shares surged 19% immediately following its Nasdaq debut on Friday, the decision to exercise this option was a natural response to satisfy the massive orders waiting in the wings.

Unprecedented Demand and Market Impact

The scale of the SpaceX IPO is virtually unmatched in financial history. Reports indicate that the offering attracted more than $250 billion in investor orders, meaning the IPO was oversubscribed by roughly three-and-a-half to four times. This level of interest underscores the market's intense fascination with Musk’s conglomerate, which spans rocketry, artificial intelligence, and satellite internet.

Analysts have described the debut as a "Goldilocks" entry—a perfect balance where investors secured strong first-day gains without the company feeling it had priced the shares too conservatively. Following the blockbuster debut, shares rose an additional 7% in early Monday trading. This momentum has propelled SpaceX’s market capitalization above the $2 trillion mark, a milestone that has also made Elon Musk the world’s first trillionaire.

A Benchmark for the Next Wave of Mega-Listings

SpaceX 的 IPO 不仅仅是一家公司的成功；它也是整个科技行业的一个关键试金石。大规模的资金流入表明，投资者对高增长、高估值科技公司的胃口依然旺盛。

这次具有历史意义的上市为潜在的“巨型上市”新时代奠定了基础。金融市场目前正密切关注其他 AI 重量级公司，例如 Anthropic 和 OpenAI，据报道，它们预计将在今年晚些时候寻求上市。SpaceX 的成功为这些庞大的 AI 驱动型实体如何应对公开市场的复杂性提供了蓝图。

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