Tesla raised about $1.2 billion—about $350 million in common shares and $850 million in convertible debt, according to two Securities and Exchange Commission filings Friday.

Tesla sold more than 1.3 million common shares for $262 each. It sold $850 million worth of convertible senior notes, or debt, which is due 2022.

The company said Wednesday it had planned to sell offerings of $250 million of common stock and $750 million in debt.

Tesla shares opened at $264 Friday morning before dropping 0.7% and then rebounding. Shares were trading at about $264.55 by midday.

The capital comes at a critical time for Tesla, which has a number of capital intensive projects underway—notably the pre-production of the Model 3. The company is also integrating its recent acquisition SolarCity into its business and scaling its massive battery factory outside of Reno, Nevada.

The company must also expand its network of fast chargers called Superchargers, which are strategically located along major highways throughout the North America and Europe. Tesla plans to accelerate expansion of the Supercharger network this year, starting with doubling its number of North American Supercharger locations in 2017, the company said in its quarterly earnings shareholder letter in February.

Preparing to produce the Model 3 is expected to cost billions. The company said in its shareholder letter in February that it expects “to invest between $2 billion and $2.5 billion in capital expenditures ahead of the start of Model 3 production.”

It’s important to note that Jason Wheeler, Tesla’s departing CFO, later clarified that this capital expenditure is an estimate for the first half of the year, not a full-year estimate.

In other words, the number is going to get higher. And it could mean another capital raise later this year.

Several analysts forecasted a capital raise closer to $2.5 billion.