It’s the first time in two years that Tesla has turned to the equity markets for capital and its biggest issue of new shares since it raised $2.3 billion in 2016. After the company’s initial public offering in 2010, Tesla had sold shares or convertible securities every year through 2017, raising roughly $8 billion, according to data from Dealogic.

Selling new shares often depresses a company’s stock price, but Tesla’s stock ended the day up 4.3 percent, a sign that some investors still believe the company can achieve its ambitious goals, and are willing to finance those dreams.

“This is pretty important for Tesla,” said Ross Gerber, the chief executive of Gerber Kawasaki Wealth and Investment Management, who owns Tesla shares. “We’re very excited because they are able to raise the capital at a very low cost.” Tesla shares trade at a high valuation. As a result, the company is effectively paying little when it issues new shares.

Tesla said its chief executive, Elon Musk, would spend $10 million buying new shares.

A U-turn for Musk

Mr. Musk had said for months that Tesla did not need to raise new capital. Then, when discussing the company’s first-quarter results last week, he said there was “merit to the idea of raising capital at this point.”

But it probably would have made more financial sense when Tesla’s stock price was a lot higher. With the stock down by more than a third from its 2018 peak, Tesla must sell more shares to raise the same amount of money. When new stock is sold, existing shareholders end up with a smaller stake in the company if they do not take part in the new offering.