Why SpaceX Stock Skyrocketed Today
Key Points
SpaceX raised more cash from share sales than originally reported.
The tech titan plans to use the funds to support its incredible array of growth initiatives.
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Shares of SpaceX (NASDAQ: SPCX) continued their ascent on Monday as the massively popular IPO stock completed its second day of trading as a public company.
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Green shoes
SpaceX's initial public offering (IPO) was by all accounts a blockbuster. Elon Musk's space exploration juggernaut raised $75 billion dollars by selling over 555 million shares of its stock to investors at an IPO price of $135 per share.
Apparently, that wasn't quite enough. The investment bankers who helped underwrite SpaceX's IPO had the option to offer an additional 83.3 million shares as part of their so-called "Greenshoe" overallotment. By exercising this option, these bankers helped SpaceX raise a total of $85.7 billion, rather than the $75 billion originally reported.
More money, more growth?
SpaceX's expansion plans are bold and multifaceted.
Reusable rocket ships? Check. Massive satellite communication network? Let's do it. AI data centers? Of course. A chipmaking factory? We're going to need one of those.
Better yet, let's put some of those data centers in space. Now we're talking. And let's colonize Mars while we're at it. Cool!
As you can see, there are audacious goal setters, and then there's Elon Musk. Investors love him for it.
For his part, Musk believes SpaceX's revenue could grow to a staggering $1 trillion by 2030. If he's correct, SpaceX's current $2.5 trillion market capitalization suddenly doesn't seem so irrational.
But there's a lot that needs to go right for Musk's growth forecast to come to fruition -- and it's sure to be a wild ride along the way.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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