SpaceX privately files for an IPO for a major listing that could be worth $1.75 trillion, a report says.

SpaceX, the technology group founded by Elon Musk, has reportedly filed confidential disclosures with the US Securities and Exchange Commission ahead of its initial public offering. SpaceX may seek a valuation of $1.75 trillion, according to Bloombergwho cited unknown sources.

Under SEC rules, a private company can file its IPO registration statement in private 15 days before it starts selling its shares to public investors, allowing it to receive feedback from the agency in private. The company has also appointed more than 21 bankers to manage a major IPO, dubbed “Project Apex,” which is underway. Reuters reported Tuesday.

The company hopes to raise $ 75 billion, which would make it the largest IPO in history, far from the oil giant Saudi Aramco’s $ 29 billion in 2019. SpaceX has raised $ 10 billion as a private company.

Founded in 2002, SpaceX is the world’s leading company, launching reusable rockets into space, and operating a network of 10,000 satellites, Starlink. Musk brought the culture of Silicon Valley to the established business world and disrupted the sector, creating a new technology business and a growing number of startups in the space.

In February, SpaceX acquired Musk’s xAI in a deal that valued the organization at $1.25 trillion. The group now includes xAI, Musk’s frontier generative AI lab, and X, the social network formerly known as Twitter.

Musk said for years that SpaceX would not go public until its spacecraft reached Mars, but the huge need for capital has changed the equation, even though the company has also set its own goals for the moon. In recent months, Musk said the company will build more than a million satellites in space, built and launched by Earth’s nearest neighbor.

SpaceX needs billions to build Starship, a heavy-duty rocket that can be used in the future and NASA’s hope to beat China to the moon; buying spectrum and adding more to its Starlink satellites as they run out; and pay for the computing costs required to build and run deep xAI models.