SpaceX shares surged 20% on Monday, June 15, after the company confirmed its historic initial public offering had grown to a record $85.7 billion, following underwriters' decision to exercise their full overallotment option — cementing it as the largest IPO in history.

How the Numbers Grew

SpaceX ultimately sold nearly 639 million shares, including more than 83 million additional shares sold through the so-called "greenshoe" option — a standard IPO provision that lets underwriting banks sell extra shares if investor demand outpaces the original offering. That pushed the total raised from an already record-setting $75 billion up to $85.7 billion, nearly tripling the previous largest-ever IPO capital raise of $29.4 billion by Saudi Aramco. Brokers behind the deal, including Goldman Sachs and Morgan Stanley, purchased the additional 83.3 million shares as demand for the offering reportedly topped $350 billion — including $250 million in orders from institutional investors and $100 billion from retail buyers.

A Dramatic Debut

SpaceX shares priced at $135 apiece and jumped 19% in their Friday, June 12 debut on the Nasdaq, before climbing another 7-7.5% in Monday's first full day of trading, at one point pushing the stock as high as $192.80. SpaceX staff reportedly wore green shoes on the trading floor Friday in a nod to the "greenshoe" provision, with Musk himself resharing a photo of the moment on X. By the close of trading Friday, the company's valuation had already pushed past $2 trillion.

Musk Becomes the World's First Trillionaire

The surge in SpaceX's valuation pushed Elon Musk's net worth up by $60.8 billion in a single day to an estimated $1.2 trillion, making him the world's first trillionaire. Musk owns roughly 38% of SpaceX, putting his fortune at roughly four times that of the world's then-second-richest person, Google co-founder Larry Page ($302.3 billion). Two other billionaires disclosed increased SpaceX stakes around the same time, including Australia's richest person, Gina Rinehart.

What SpaceX Plans to Do With the Money

Company officials said the proceeds would be used for a range of purposes: paying down roughly $20 billion in debt tied to legacy loans from X (formerly Twitter) and Musk's AI company xAI, both of which were folded into SpaceX ahead of the IPO; expanding SpaceX's AI compute infrastructure; enhancing launch infrastructure; and improving the company's Starlink satellite network. Musk told employees gathered at SpaceX's Starbase headquarters in Texas that he wanted to take the company public to raise capital for "a significant growth phase," with funds expected to help complete and begin commercially flying the company's massive Starship rockets.

A Valuation Built on Ambitious Bets

SpaceX's towering valuation rests heavily on the belief that Musk will deliver on a series of extremely ambitious, largely unproven promises — including putting humans on Mars and eventually building data centers in space using as-yet-unproven technology. The company, founded by Musk in 2002, has expanded well beyond its original rocket-launch business into a major satellite operator through Starlink, and has since folded in Musk's artificial intelligence company, xAI, along with the social media platform X.

A Notable Postscript

It's worth noting that this stock's trajectory since the IPO has been volatile: reporting from about a month after the offering indicated SpaceX shares had fallen as much as 45% from their all-time high, reflecting how quickly sentiment around even the most hyped stock market debuts can shift once initial excitement fades. The company also returned to capital markets just weeks after the IPO to raise an additional $25 billion through a bond sale — a move analysts said highlighted SpaceX's intense ongoing financing needs given the company was not profitable, having lost around $4.9 billion in 2025. For continuing SpaceX stock coverage, see CNBC's SpaceX coverage.

Whatever the stock's path from here, SpaceX's $85.7 billion IPO stands as a landmark moment in market history — and a defining data point in Elon Musk's continued rise as the world's wealthiest and most closely watched entrepreneur.