SpaceX is moving forward with an insider share sale that values Elon Musk’s rocket and satellite maker at about $800 billion, setting up what could be the largest initial public offering of all time.

In a company message seen by Bloomberg on Friday, SpaceX said it’s preparing for a possible public offering in 2026 that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon.

The per-share price of $421 in its latest secondary offering, laid out by Chief Financial Officer Bret Johnsen in the memo to shareholders, is nearly double the $212 a share set in July at a $400 billion valuation.

The valuation vaults past the previous record of $500 billion that ChatGPT owner OpenAI set in October

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