(Bloomberg) — SpaceX aims to sell 555.6 million shares ​at $135 apiece for its record-breaking $75 ​billion ⁠initial public ​offering, Reuters reported, citing an unidentified person familiar with the matter.

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The report indicates SpaceX is breaking from the traditional IPO process, whereby companies typically announce a price range before marketing the shares during investor roadshows. SpaceX didn’t immediately respond to a request for comment.

SpaceX’s IPO is among the most closely watched public listings globally. Its rapid march to market after confidentially filing in March — and then publicly last month — comes as investors closely monitor a pipeline of potential offerings from other high-profile technology companies.

“From a valuation perspective, it’s definitely not cheap,” said Fabien Yip, market analyst at IG International. “Investors are buying into hopes of the company’s exponential growth in the future given it’s not yet profitable.”

AI rivals OpenAI and Anthropic PBC look to forge ahead with listings of their own, while Alphabet Inc. — which has its own large language models and AI infrastructure businesses — revealed plans for a record $80 billion equity offering on Monday.

The SpaceX deal would be the largest IPO on record, more than doubling the $29.4 billion raised by Saudi Aramco in 2019.

Elon Musk’s rocket launch, satellite and AI company is expected to disclose the terms of the offering as soon as Wednesday, start formal marketing on June 4 and price as early as June 11, Bloomberg News has reported. The timetable could still slip by a matter of days.

The company is targeting a valuation of at least $1.8 trillion in the offering, Bloomberg has reported. The Reuters report said the company is aiming for a valuation of $1.75 trillion.

“It may be a stretch to achieve the valuation they want even with very generous multiples,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “But the current environment is supportive of all things tech-related and the market has always given Elon Musk the benefit of the doubt.”

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the SpaceX offering along with 18 other banks. The company, known formally as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.

The fundraising comes as SpaceX negotiates to pay razor-thin fees to the Wall Street firms, though banks are still likely to rake in about $500 million.

More than 1,000 current and former SpaceX employees have also joined forces to negotiate better pricing and access to sophisticated tax-saving financial products ahead of the IPO, which is poised to turn many of them into multimillionaires, Bloomberg has reported.

The group has considered more than 20 financial advisers and private banks, according to a May document reviewed by Bloomberg. The document said they were “leveraging collective power” to secure significantly lower fees for financial advice, paying less than 0.5% on all assets under management, rather than the traditional 1% fee.

–With assistance from Jeanny Yu, Winnie Hsu, Karen Leigh and Bre Bradham.

(Updates with comments in fourth and ninth paragraphs, valuation in eighth)

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