SpaceX is secretly filing to go public in a massive listing that could potentially be worth $1.75 trillion, report says.

SpaceX, the technology group founded by Elon Musk, has reportedly made confidential disclosures to the US Securities and Exchange Commission ahead of an initial public offering. SpaceX could seek a valuation of $1.75 trillion, according to Bloomberg, which cited anonymous sources.

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

The company expects to raise $75 billion, which would make it the largest initial public offering in history, far surpassing oil giant Saudi Aramco’s $29 billion listing in 2019. SpaceX has raised an estimated $10 billion as a private company.

Founded in 2002, SpaceX is the world’s leading space company, flying a fleet of reusable rockets and spacecraft, and operating a communications network of 10,000 satellites, Starlink. Musk brought Silicon Valley culture to the established world of space contracting and revolutionized the sector, creating a new industry for private technology and a boom in space startups.

In February, SpaceX acquired Musk’s xAI device in a deal that valued the entity 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 has said for years that SpaceX would not go public until its spacecraft reached Mars, but the voracious demand for capital has changed that equation, even as the company resets its ambitions to target the moon. In recent months, Musk said the company will build a network of up to 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 and reaching the moon; to purchase spectrum and renew its Starlink satellites as they become obsolete; And to pay for the computing costs required to build and run xAI deep learning models.