The upsizing of Seadrill's proposed offering could be interpreted in two ways. On one hand, it could indicate a positive market response, suggesting that the company is able to raise more capital than initially planned. This could potentially lead to a positive impact on the stock price. On the other hand, it could also suggest that the company needs more capital than initially anticipated, which could potentially have a negative impact on the stock price. Given these two possibilities, the short-term impact on the stock price is uncertain.