Elon Musk's SpaceX is pursuing an initial public offering next year, looking to raise more than $25 billion, with a valuation over $1 trillion, a source familiar with the matter told Reuters on Tuesday.

SpaceX has started discussions with banks about the public listing, which could be around June or July, the person said.

Musk had said in 2020 that SpaceX planned to list Starlink several years in the future once its revenue growth became "smooth & predictable".

SpaceX did not immediately respond to a Reuters request for comment.

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Saudi's Aramco remains the only completed IPO to have achieved a valuation of $1 trillion or more—it debuted in December 2019 with an estimated market capitalization of $1.7 trillion.

SpaceX expects to use funds from the public listing to develo

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