SpaceX has reportedly taken the step many onlookers have long expected: filing paperwork to hold an initial public offering (IPO) on the stock market and become a publicly traded company. Rumors had long pointed toward the IPO taking place by July.

The company filed draft IPO registration paperwork with the US Securities and Exchange Commission confidentially, according to Bloomberg. As such, the public won’t get a chance to closely scrutinize SpaceX’s finances just yet. Taking the confidential approach means SpaceX can obtain feedback from the SEC before making the details public and announcing key factors like the price range and number of shares it’s planning to sell at the outset.

SpaceX is said to have designs on holding the largest IPO in history. It’s reportedly looking to raise $75 billion in the offering, which would far exceed the current record held by Saudi Aramco, which pulled in $24 billion in its 2019 IPO.

It’s expected that SpaceX will seek an IPO valuation of $1.75 trillion. When the Elon Musk-led business swallowed up the Elon Musk-led xAI earlier this year (which means SpaceX is now the parent of X and Grok), the entire company was valued at $1.25 trillion.

SpaceX is reportedly planning to use the funds it brings in from its IPO to turbocharge its various ambitions, including its struggling Starship program. The company also has designs on building a base on the moon, going to Mars and putting AI data centers in orbit.