Why SpaceX Stock Skyrocketed Today

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.

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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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.

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!