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.

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 develop space-based data centers, ​including purchasing the chips required to run them, an idea Musk expressed interest in during a recent event with Baron Capital, according to Bloomberg News, which had reported the development earlier in the day.

The company is expected to make around $15 billion in revenue in 2025, increasing to between $22 billion and $24 billion in 2026, with the majority coming from Starlink, Bloomberg reported.

Media reports last week said the rocket-maker ⁠is kicking off a secondary share sale that ‌would value it at $800 billion, pitting it against OpenAI for the title of the most valuable private company. However, Musk on ‌Saturday dismissed ⁠the reports, calling them inaccurate.

(Reporting by Juby Babu in Mexico City and ⁠Echo Wang in New York; Editing by Maju Samuel)