Tesla is seeking to raise approximately $2 billion after a somewhat-disappointing first quarter where it burned through nearly $1 billion.

The New York Times reports that the electric car manufacturer intends on offering investors 2.72 million shares of stock which should raise about $650 million. Additionally, Tesla plans to offer $1.35 billion of debt securities which can be converted to stock at a later date. The plan could raise up to $2.3 billion if banks are willing to underwrite Tesla to sell additional stock and bonds.

This will be the first time in two years that Tesla has looked to the public markets for fresh capital after its biggest issues of new shares raised $2.3 billion back in 2016. The company has sold shares or convertible securities every year through 2017 since its initial public offering in 2010.

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As Tesla’s shares trade at a high valuation, the car manufacturer pays very little when it issues new shares.

“This is pretty important for Tesla,” chief executive of Gerber Kawasaki Wealth and Investment Management, Ross Gerber, said. “We’re very excited because they are able to raise the capital at a very low cost.”

Tesla chief executive Elon Musk intends on spending $10 million buying new shares.

Musk repeatedly insisted in recent months that Tesla wasn’t going to need to raise new capital. However, discussing the potential to raise new funds after the company’s first quarter, Musk said there was “merit to the idea of raising capital at this point.”