SpaceX, the innovation conglomerate founded by Elon Musk, reportedly filed disclosures confidentially with the U.S. Securities and Exchange Commission ahead of an initial public offering. SpaceX could seek a valuation of $1.75 trillion, which cited anonymous sources.

Under SEC rules, a private organization can file its IPO registration statement confidentially 15 days before it begins marketing its shares to public investors, allowing it to receive feedback from the agency in private. The corporation has also lined up an unusually large number of 21 banks to manage the mega IPO, internally codenamed , according to Bloomberg“Project Apex,” Reuters reported Tuesday.

The corporation expects to raise $75 billion, which would produce it the largest IPO in history, far beyond oil giant Saudi Aramco’s $29 billion listing in 2019. SpaceX has raised an estimated $10 billion as a private firm.

Founded in 2002, SpaceX is the world’s leading space organization, flying a fleet of reusable rockets and spacecraft, and operating a 10,000-satellite communications network, Starlink. Musk brought Silicon Valley culture to the staid international community of space contracting and disrupted the sector, creating a latest industry for private innovation and a boom in space startups.

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

Musk stated for years that SpaceX would not go public until its spacecraft had reached Mars, but a voracious demand for capital has changed that equation, even as the firm has reset its ambitions to aim for the moon. In recent months, Musk has stated the corporation will build a network of as many as a million data center satellites in space, built and launched from Earth’s nearest neighbor.

SpaceX needs billions to build Starship, the fully reusable heavy-lift rocket that is central to its future business plans and NASA’s hope of beating China to the moon; to purchase spectrum and replenish its Starlink satellites as they become obsolete; and to pay for the compute required to build and operate xAI’s deep learning models. This also touches on aspects of user interface.

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