SpaceX is preparing for an initial public offering that could value the rocket maker at over $2 trillion, Bloomberg News reports, citing anonymous sources, a significant increase from its previous valuation.

The listing, set for June, aims to raise $75 billion, which would establish a new record and surpass Saudi Aramco's $29 billion debut in 2019.

The ambitious move follows SpaceX's acquisition of xAI, and reflects Musk's need for capital to fund future projects, including artificial intelligence data centers in space and lunar manufacturing.