SpaceX Corp. has confidentially filed the paperwork for an initial public offering, sources told Bloomberg today.

The listing is set to be the largest on record with an unexpected fundraising target of up to $75 billion. According to the report, SpaceX could receive a valuation exceeding $1.75 trillion. That’s a $500 billion increase over what it was worth in January after merging with xAI Holdings Corp.

SpaceX will reportedly launch its roadshow, an event series designed to draw interest from institutional investors, later this month. Retail investors are also set to play an important role in the listing. SpaceX reportedly intends to allocate 30% of the shares that will go on sale to individuals, which is about triple the customary amount.

The proceeds from the IPO could make it easier for the company to finance its multibillion-dollar engineering initiatives. SpaceX is working on new data centers, upgrades to its Starlink internet satellite and a new reusable launch vehicle.

Starship is a 403-foot-tall rocket that will be capable of taking up to 150 tons of cargo or 100 passengers to space. It comprises two segments, or stages. The first stage, which is responsible for taking Starship to orbit, takes off using 33 engines. The second stage includes six engines, a passenger section and a payload bay.

Starship’s engines all use methane and oxygen as fuel. Most are optimized to operate in the Earth’s atmosphere with the exception of three on the second segment. Those engines, which are based on a design called Raptor Vacuum, feature a large exhaust that makes them more suitable for use in space.

According to Reuters, SpaceX’s launch vehicles and Starlink together generated about $15 billion in revenue last year. The satellite constellation accounted for as much as 80% of the $8 billion adjusted profit that the company logged in the same period.

Starlink comprises more than 10,000 internet satellites perched in low-Earth orbit. SpaceX has indicated that it may seek to triple the size of the constellation over time. The company’s existing satellites reportedly cost it about $10 billion, which means the $75 billion that it’s seeking to raise in the IPO would be enough to finance the constellation expansion. Furthermore, SpaceX would likely have enough left over to cover some of its data center spending.

In January, xAI unit announced plans to build a new artificial intelligence campus at a cost of more than $20 billion. The facility will be located in Mississippi, where SpaceX already maintains two data centers. The company also hopes to deploy AI servers in orbit as part of a multibillion-dollar satellite project announced earlier this year. SpaceX reportedly plans to use Starship to launch the systems.

SpaceX is expected to go public in June.

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