Elon Musk’s space exploration company SpaceX is set to raise more than $25 billion (£19 bn) and witness the business’ valuation soaring over $1 trillion after Musk’s bold IPO plan.

According to the Guardian, SpaceX, the company known for designing, planning, and launching rockets, has entered the discussion with banks about an initial public offering (IPO).

Based on the bold IPO’s plan, the company could join the stock market potentially in June or July as per sources privy to the matter.

SpaceX’s potential floatation could challenge the record set by the Saudi oil company Aramco, which raised a record $29 billion at a $1.7 trillion valuation in 2019.

According to Bloomberg’s report, Elon Musk is eyeing an overall valuation of about $1.5 trillion and is expected to raise “significantly more than £30bn.”

SpaceX is planning to use these funds to accelerate the building of its space-based datacenters and buy chips that are necessary for data centers operations.

Earlier this week, it was reported that the company was in talks with investors about a share sale, thereby leading it to a $800 billion valuation. This massive valuation has allowed SpaceX to compete with OpenAI to become the most valuable private company globally.

However, Musk refuted the credibility of these circulating media reports.

The 54-year-old billionaire commented, “SpaceX has been cashflow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors. Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market.”