Just a week after announcing a plan to sell $1.4 billion worth of stock to help finance the Model 3, Tesla announced that they'd raised that whole amount and then some: $1.7 billion.

Tesla Model 3

The news comes from an 8-K filing with the SEC:

The net proceeds from the Offering to the Company were approximately $1.7 billion, after deducting underwriting discounts and commissions and estimated offering expenses. The Company did not receive any proceeds from the sale of shares by Mr. Musk. In connection with the Offering, Mr. Musk exercised stock options for 5,503,972 shares of Common Stock that were set to expire on December 3, 2016 (the " Option Exercise ") and sold 2,782,670 of those shares in the Offering. All of the net proceeds Mr. Musk received upon such sale were used to satisfy taxes incurred in connection with the Option Exercise. In addition, Mr. Musk donated 1.2 million shares of Common Stock to charity. In aggregate, Mr. Musk was a net buyer of Tesla stock in these transactions. The Underwriting Agreement is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The initial plan was for the underwriters to purchase and sell $1.4 billion worth of shares, with an option for another $300 million. Given the hype around Tesla and demand for the additional shares, the underwriters exercised that option, pushing the total raised to $1.7 billion.

With more than 373,000 reservations placed, the Model 3 poses an enormous challenge (and opportunity) for Tesla. The company plans to produce just 90,000 cars in 2016 and intends to ramp up massively for the $35,000 EV's volume production start at the end of 2017.