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Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its initial public offering, setting up the largest stock market debut in history.

Getting into it: In a filing with the SEC on Wednesday, SpaceX said it plans to sell 555.6 million shares at $135 each, raising roughly $75 billion, with the stock set to begin trading on the Nasdaq under the ticker SPCX on June 12. The offering would dwarf every record on the books, blowing past the $26 billion Saudi Aramco pulled in back in 2019 and running more than three times the size of Alibaba’s listing, the largest US IPO on record until now. At that valuation, SpaceX would instantly become the seventh-largest company in the US by market cap.

The debut is poised to make Musk the world’s first trillionaire. He holds 42% of the company, and Forbes has his net worth sitting at $826 billion right now, a figure the IPO would push past the $1 trillion mark. Despite selling shares to the public, Musk will keep an ironclad grip on the company through a dual-class structure that hands his shares 10 votes apiece, leaving him with about 82% of the voting power.

SpaceX also broke from standard practice by locking in a fixed $135 price before its investor roadshow even began, rather than floating a price range, a move analysts read as a sign of Musk’s confidence and control over the deal.

This all comes as SpaceX isn’t making money. Last year the company ran up a $4.9 billion net loss against $18.7 billion in revenue, then dropped another $4.3 billion in the first quarter, meaning the eye-watering valuation rests on Musk’s vision rather than profits. Despite this, SpaceX has secured multibillion-dollar government contracts in areas like defense, making Musk a defense contractor.

Founded by Musk in 2002 and now spanning rockets, the Starlink satellite-internet business, and the xAI artificial intelligence unit it merged with in February, the company lays out plans to return humans to the moon and build “a permanent human colony” on Mars with “at least one million inhabitants,” framing the mission as a hedge against existential threats that could otherwise leave humanity to “the same fate as the dinosaurs.”