SpaceX has secretly filed for an initial public offering (IPO) for a potentially $1.75 trillion mega-public company, a report said.

SpaceX, a technology giant founded by Elon Musk, is known to have secretly submitted disclosure data to the U.S. Securities and Exchange Commission (SEC) ahead of its initial public offering (IPO). SpaceX could seek a valuation of $1.75 trillion, according to Bloomberg, citing anonymous sources.

SEC rules allow private companies to confidentially file their IPO registrations 15 days before they begin marketing their stock to public investors to receive private feedback from the agency. The company also lined up an unusually large number of 21 banks to manage the massive IPO, internally code-named “Project Apex,” Reuters reported Tuesday.

The company expects to raise $75 billion, which would make it the largest IPO in history, far surpassing the $29 billion that oil giant Saudi Aramco raised in 2019. As a private company, SpaceX has raised about $10 billion.

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

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

Musk has said for years that SpaceX wouldn’t go public until its spacecraft reaches Mars, but voracious demand for capital has changed that equation even as the company resets its ambitions to target the moon. In recent months, Musk has said the company will build a network of one million data center satellites in space, to be built and launched from Earth’s nearest neighbor.

SpaceX needs billions of dollars to build Starship, a fully reusable heavy-lift rocket that is central to its future business plans and NASA’s hopes of beating China and reaching the moon. It buys spectrum and replenishes Starlink satellites as they age. Pay for the compute required to build and run xAI’s deep learning models.