Photo credit: Tesla

Electric carmaker Tesla has said that it’ll sell up to $5 billion in new stock on the heels of the company’s shares hitting new record highs following a 5-to-1 stock split. In a filing with the U.S. Securities and Exchanges Commission, Tesla said the new stock will be sold “from time to time” and “at-the-market” prices. “We intend to use the net proceeds, if any, from this offering to further strengthen our balance sheet, as well as for general corporate purposes,” Tesla said in a statement.

With shares at an all-time high, it’s no surprise Tesla is looking to raise new capital to finance its usually capital-intensive operations. Altogether, Tesla has gained nearly 500% in 2020. Currently (as of writing), the company’s market capitalization stands at around $463 billion.