Tesla (NASDAQ: TSLA) announced a $5 billion capital raise on Tuesday, December 8th. Ten major banks, including Goldman Sachs and Citigroup Global Markets, will conduct the sale, the automaker said in a statement. 

"On December 8, 2020, Tesla, Inc. (“Tesla”) entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, SG Americas Securities, LLC and Wells Fargo Securities, LLC, as sales agents (each, a “Sales Agent” and collectively, the “Sales Agents”), to sell shares of common stock, par value $0.001 per share, of Tesla (the “Common Stock”) having aggregate sales proceeds of up to $5.0 billion (the “Shares”), from time to time, through an “at-the-market” offering program (the “Offering”)."

Additionally from the 8K: “The sales and issuances of the shares under the Equity Distribution Agreement will be made pursuant to Tesla's effective shelf registration statement on Form S-3 declared effective by the SEC on May 2, 2019. On the date hereof, Tesla intends to file a prospectus supplement with the SEC in connection with the offer and sale of the Shares pursuant to the Equity Distribution Agreement.”

Demand for the company's stock continued to rise, and yesterday, Tesla's value soared to over $600 billion, making it the sixth company ever in the U.S. to achieve this impressive milestone.

Since the S&P Index Committee announced on November 16 that Tesla shares will be added to the S&P 500 on December 21, the company has added about $ 220 billion in market capitalization. Tesla currently has a market cap of $608.32 billion, which almost equals the seven most expensive automakers in the world combined. Since the beginning of the year, the company's shares are up about 660%.

Today’s announcement of a capital raise will add less than 1% of new Tesla shares to those already outstanding. The company already  recently raised $5 billion in September. Together, this additional cash on hand will help the  company in its goal to significantly—and quickly—expand existing vehicle production and build new factories in Europe and the United States. In 2021, the company aims to start mass production of new models such as the Cybertruck, Semi, and Roadster.

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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.