SpaceX, the tech enterprise established by Elon Musk, has reportedly submitted confidential disclosures to the U.S. Securities and Exchange Commission in anticipation of an initial public offering. Bloomberg, citing unnamed sources, suggests that SpaceX may target a valuation of $1.75 trillion.

As outlined by SEC regulations, a private firm is permitted to submit its IPO registration statement confidentially 15 days prior to initiating share marketing to public investors, enabling it to gather feedback from the regulator privately. Furthermore, the company has assembled an unusually large roster of 21 banks to oversee the massive IPO, internally referred to as “Project Apex,” as reported by Reuters on Tuesday.

The firm aims to secure $75 billion, which would establish it as the largest IPO in history, eclipsing the record set by Saudi Aramco’s $29 billion listing in 2019. SpaceX has raised around $10 billion while operating as a private entity.

Established in 2002, SpaceX stands as the premier space company globally, operating a fleet of reusable rockets and spacecraft, alongside managing a 10,000-satellite communications network, Starlink. Musk introduced Silicon Valley’s ethos to the conventional realm of space contracting, transforming the industry and instigating a surge in private technology ventures and space startups.

In February, SpaceX acquired Musk’s xAI for a deal that valued the entity at $1.25 trillion. The conglomerate now encompasses xAI, Musk’s advanced generative AI lab, and X, the social media platform formerly recognized as Twitter.

Musk has stated for years that SpaceX would remain private until its spacecraft reached Mars, but a heightened demand for funding has altered that perspective, even as the company has readjusted its goals to target the moon. Recently, Musk indicated that the firm plans to deploy a network consisting of up to a million data center satellites in space, constructed and launched from Earth’s closest celestial body.

SpaceX requires substantial funds to develop Starship, the fully reusable heavy-lift rocket critical to its future business strategy and NASA’s quest to outpace China to the moon; to acquire spectrum and replenish its Starlink satellites as they age; and to finance the computing necessary for building and running xAI’s deep learning models.