(Reuters) – Tesla Inc said on Thursday it had filed with regulators to launch around $2 billion in fundraising through issues of new shares and debt, with Chief Executive Officer Elon Musk pitching in $10 million of his own money to buy shares.

The company’s shares were up 5 percent at $245 in early trading after it unveiled the plans, which follow Musk’s hint last week that a capital raise was imminent after the electric carmaker lost $700 million in the first quarter.

Analysts have been predicting for months that Tesla would need to raise funds for its expansion plans, which include the construction of a factory in Shanghai, the upcoming Model Y SUV, and other projects.

Tesla said it would seek to raise $650 million in new shares and $1.35 billion in debt with underwriters having the option to buy an additional 15 percent of each offering, potentially raising the proceeds of the deals to $2.3 billion.

Tesla expects capital expenditures of $2 billion to $2.5 billion this year and about $2.5 billion to $3 billion annually for the next two fiscal years. It ended its first quarter with $2.2 billion in cash.

“Both bulls and bears alike that we speak to see it as highly likely that Tesla will seek to raise equity capital sufficient in amount to quell questions about its potential financing needs,” Morgan Stanley analysts wrote in a note dated April 30.

So far, Tesla has raised funds through bank loans, several rounds of equity sales, issued convertible notes, a $1.8 billion junk bond sale, securitization of its vehicle leases and solar asset-backed notes.

Goldman Sachs and Citigroup will manage the offering, with BofA Merrill Lynch, Deutsche Bank Securities, Morgan Stanley and Credit Suisse will be additional book-running managers.