SpaceX may be getting closer to going public. Bloomberg reports that Elon Musk’s aerospace company has secretly submitted a draft initial public offering (IPO) registration to the U.S. Securities and Exchange Commission (SEC). If all goes well, SpaceX could be on the stock exchange by June.

While this marks progress toward a public listing, SpaceX’s confidential IPO doesn’t impose a rigid timeline. Such submissions enable companies to garner direct feedback from the SEC regarding their IPO strategies and make necessary revisions. Originally designed for smaller firms, this process allows businesses to maintain certain information in private for an extended period, such as the number of shares available, financial disclosures, future strategies, and potential risks.

The specifics of SpaceX’s draft IPO remain vague. Nonetheless, the filing indicates the company is prepared to move forward with becoming public.

Anonymous sources mentioned by Bloomberg indicate SpaceX might aim for a valuation surpassing $1.75 trillion, with an ambitious fundraising goal of $75 billion. This represents a substantial rise from the $25 billion target mentioned by Reuters last December, but aligns more closely with the $40 billion to $80 billion range reported by The Wall Street Journal last week, both drawing from anonymous sources. The IPO could considerably enhance SpaceX’s financial position.

Reuters states that at least 21 banks are working with SpaceX on its IPO, with Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup assuming leading roles.

Earlier this year, SpaceX acquired Musk’s AI venture xAI, which includes its social media platform X (previously Twitter). This acquisition boosted SpaceX’s valuation to $1.25 trillion and further solidified Musk’s collection of X-branded enterprises. xAI bought the already Musk-owned X in a transaction valued at $33 billion last March, after the billionaire had originally purchased it for $44 billion in 2022.