Strategy Joins SpaceX, Google, Intel as Top US Equity Issuers

Key Takeaways

• Phong Le’s chart ranks Strategy fourth with $20.9 billion issued.
• SpaceX leads with $86.3 billion, followed by Alphabet and Intel.
• Strategy uses equity sales to fund bitcoin and manage liquidity.

Strategy Reaches the Top Four

Strategy Inc. (Nasdaq: MSTR) joined some of America’s largest technology companies near the top of the equity capital market after issuing $20.9 billion this year, according to a chart CEO Phong Le posted Sept. 3 on X. The ranking reinforces the company’s goal of using bitcoin, digital credit, and equity to expand its balance sheet. The graphic cited ECM Analytics, Dealogic, Capital IQ, and company filings among its sources.

Le’s chart placed SpaceX first at $86.3 billion, Alphabet, Google’s parent company, second at $25.7 billion, and Intel third at $23 billion. SpaceX separately reported that its June initial public offering generated about $85.7 billion in net proceeds after underwriting commissions and offering costs, accounting for nearly all of its charted total.

How Strategy Raised and Used the Capital

Strategy’s position reflects repeated sales of MSTR common shares and several preferred stocks rather than one large offering. Its latest Form 8-K filed with the Securities and Exchange Commission showed $602.8 million in net MSTR proceeds from Aug. 24 through Aug. 30, demonstrating how its at-the-market program raises capital in smaller installments.