SpaceX underwriters officially exercised their overallotment of shares in the company’s initial public offering on Monday, bringing the total amount raised to $85.7 billion. The company initially raised $75 billion on Thursday, making it the largest IPO in history. The overallotment, commonly known as the “greenshoe,” allowed brokers including Goldman Sachs and Morgan Stanley to purchase an additional 83.3 million shares. The stock debuted on the Nasdaq at $135 per share and climbed 19% on Friday, closing at approximately $161. This debut pushed the company’s market capitalization past $2 trillion. On Monday morning, shares continued to rise, jumping more than 7% in their first full day of trading and hovering around the $170 mark in premarket trading. The company plans to use the capital to complete and commercially fly its Starship rockets, deploy V3 satellites to expand its Starlink service, and build orbital data centers and a chip factory in Texas with Tesla and Intel. While SpaceX reported a $4.9 billion loss last year and over $41 billion in total losses since its founding, the company’s valuation reached a multiple of 112 times last year’s revenue following Friday’s close. Market reactions to the valuation have varied. CFRA initiated coverage with a “sell” rating and a $115 price target, citing ambitious growth and capital intensity. Morningstar analyst Nicolas Owens described the stock as “overvalued” with a $63 per share valuation. Conversely, New Street Research initiated coverage with a $165 price target. Also, early investor Ron Baron purchased $1 billion in shares on Friday to maintain his ownership percentage, stating he believes the company’s growth potential remains underappreciated.