SpaceX has confidentially filed for an initial public offering on the US stock market, according to reports from Bloomberg and the Wall Street Journal. The IPO is set to be one of the most closely watched and highly valued listings in market history.

Elon Musk’s company, which has become a dominant power in both space travel and satellite communications, could potentially seek a valuation upwards of $1.75tn. The confidential filing will give regulators a period to review and discuss the company’s financial disclosures before investors and the public are able to view them.

The IPO could take place as early as June, Bloomberg reported, in what is expected to be a banner year for high-value public offerings. Musk’s rival OpenAI is also planning to go public later this year at an immense valuation, announcing on Tuesday that it had closed a funding round of $122bn, in addition to fellow AI firm Anthropic preparing its own IPO. SpaceX is the parent company of Musk’s own artificial intelligence company, xAI.