Elon Musk's rocket company SpaceX is targeting a valuation of nearly $1.77 trillion for its initial public offering (IPO), which could become the largest stock market debut in history. The Texas-based firm announced plans in a filing with the US Securities and Exchange Commission on Wednesday to sell 555.6 million shares at $135 apiece, aiming to raise approximately $75 billion.

This ambitious valuation would position SpaceX as the world's seventh-largest company by market capitalization, surpassing industry giants like Tesla and Meta, and trailing only Taiwan Semiconductor Manufacturing Company (TSMC). It would also dwarf the $26 billion raised by Saudi Aramco in its 2019 IPO, which valued the energy firm at $1.7 trillion.

SpaceX shares are scheduled to begin trading on the Nasdaq stock exchange on June 12. The company's founder, Elon Musk, who owns roughly 42 percent of SpaceX, is expected to become the world's first trillionaire following the public offering. Despite the IPO, Musk is set to maintain significant control, holding over 82 percent of the voting rights through a dual-class stock structure.

The decision by SpaceX to set a fixed share price before the investor "roadshow" is an unusual move, according to market analysts. Typically, companies announce a preliminary price range that is subject to adjustment based on investor demand. This pre-determined pricing suggests Musk's strong confidence in investor interest and his firm grip on the deal's terms.

Founded by Musk in 2002, SpaceX has built a reputation for designing and launching rockets, spacecraft, and reusable launch vehicles for clients including NASA and private companies. Beyond its core launch services, the company has expanded into satellite internet services through its Starlink division and is developing artificial intelligence models via its xAI division.

Musk has articulated grand visions for SpaceX's future, including the establishment of a self-sustaining city on Mars and the broader goal of making humanity a multiplanetary species. The upcoming IPO is seen as a critical test of investor appetite for such long-term, ambitious space ventures.

The company's financial performance leading up to the IPO will be closely scrutinized. While specific revenue figures for the current period were not detailed in the announcement, SpaceX has consistently grown its launch manifest and expanded its Starlink service, indicating strong operational momentum. The dual-class share structure, however, may raise questions for some investors regarding governance and long-term strategic alignment.

As the IPO date approaches, the market will be watching closely to see if SpaceX can indeed achieve its projected valuation and how this landmark debut will reshape the landscape of publicly traded technology and aerospace companies.