By Dave Sebastian

Tesla Inc. said it planned to raise up to $5 billion in stock offerings from time to time.

The return to capital markets came after the electric-vehicle maker's 5-for-1 split Monday, which sent shares up 13% to $498.32. The latest raise represents roughly 1.1% of Tesla's $464 billion market capitalization, according to FactSet. Shares rose 1.8% in premarket trading Tuesday.

The electric-vehicle maker in February raised more than $2 billion from a stock sale to help bolster its balance sheet. Chief Executive Elon Musk has had a complicated relationship with fundraising. As a CEO with a showman's flair, he has been successful in drumming up investor enthusiasm in Tesla, while also expressing a reluctance to issue stock over concerns it would dilute value for existing shareholders. He is the largest owner of Tesla stock.

The company on Tuesday said it has entered an equity distribution agreement with Goldman Sachs & Co. LLC, BofA Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, SG Americas Securities LLC, Wells Fargo Securities LLC and BNP Paribas Securities Corp.

Those banks, which will act as sales agents, will get a commission of up to 0.5% of gross proceeds from each sale of the shares, as well as reimbursement for certain expenses, Tesla said. The company said it could terminate the agreement at any time.

Tesla shares have surged 81% from the company's Aug. 11 stock-split announcement and have more than quintupled this year.

Tesla in July posted a fourth-consecutive profitable quarter for the first time in its 17-year history, defying the Covid-19 pandemic, threat of extended economic recession and Wall Street analysts who expected a loss.

Write to Dave Sebastian at dave.sebastian@wsj.com 



  Corrections and Amplifications


  This article was corrected at 11:05 a.m. ET because it misstated that Tesla Inc.'s plans to raise up to $5 billion in stock offerings from time to time represents less than 1% of the company's $464 billion market capitalization. The plan represents roughly 1.1% of the company's $464 billion market capitalization.