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SpaceX shares climbed another 19.7% on Monday to $192.8, extending a blistering two-day rally that has pushed the rocket and satellite company's market value above $2.5 trillion and cemented Elon Musk's position as the world's first trillionaire.
The gains follow a 19% jump on Friday, when SpaceX shares began trading on the Nasdaq at $135 per share, marking the largest initial public offering in history. By the close of Monday's session, the two-day surge had placed SpaceX among the six largest companies in the world, ahead of Broadcom, Saudi Aramco and Tesla, and just behind Amazon.
Demand for SpaceX's shares was so strong that the banks managing the sale exercised a so-called greenshoe option, a mechanism that allows underwriters to sell additional shares when investor appetite exceeds the original allocation.
SpaceX ultimately sold nearly 639 million shares, including more than 83 million beyond the initially planned pool, lifting the total raised to $85.7 billion, well above the originally targeted $75 billion.
The greenshoe option, formally known as an overallotment option, has long been a standard tool in large equity offerings, giving underwriters a buffer to stabilize share prices after a listing and to accommodate excess demand.
The offering eclipses the previous benchmark for the world's largest IPO. Saudi Aramco raised approximately $29 billion when it went public in 2019, a record that stood for nearly seven years. SpaceX's $85.7 billion haul is roughly triple that figure.
The listing also crowns Musk as the first individual in history to cross the trillion-dollar threshold in personal net worth, a milestone that draws on his large ownership stake in SpaceX and holdings in his other ventures.
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