Elon Musk’s SpaceX has confidentially filed for an IPO with the Securities and Exchange Commission, sources told CNBC’s David Faber, bringing Elon Musk’s rocket company one step closer to what’s expected to be a record public offering.

Bloomberg was first to report on SpaceX’s confidential filing, citing people familiar with the matter, and adding that the company could seek a valuation of $1.75 trillion, with a listing around June.

Founded by Musk in 2002 to develop and operate reusable rockets, SpaceX has turned into NASA’s biggest launch partner after the agency ended its space shuttle program in 2011. The company merged with Musk’s xAI in February, creating a combined entity that he valued at the time at $1.25 trillion.

When SpaceX eventually lists, Musk will become the first person to helm two separate trillion-dollar publicly traded companies. Musk is the world’s richest person, with a net worth of close to $840 billion, according to Forbes. Tesla, which Musk has counted on for the vast majority of his liquid wealth, has a market cap of around $1.4 trillion.

A confidential filing allows companies to submit their financials to the SEC for regulatory review before revealing them to the public and prospective investors. SpaceX will have to release a public filing at least 15 days before its IPO road show.

While SpaceX still has numerous hurdles to clear to reach the public market, the offering — assuming it does happen — will be packed with superlatives. With the company reportedly looking to raise up to $75 billion, it would be more than three times the size of the biggest U.S. IPO to date. China’s Alibaba raised $22 billion in 2014, putting it ahead of Visa, which raised close to $18 billion in 2008.

SpaceX has received over $24.4 billion from its work with the federal government since 2008, according to FedScout, which researches federal spending and government contracts. That includes contracts from NASA, the Air Force and Space Force, among others agencies.

Reena Aggarwal, a professor of finance at Georgetown and an IPO expert, said that even with all hype around Musk and SpaceX, the company still needs a receptive public market. Stocks have been volatile of late due largely to the U.S.-Iran war and spiking oil prices. The Nasdaq is coming off its steepest weekly drop in nearly a year.

“You can have a great company, with great fundamentals and a lot of investor interest — and an IPO can still flop if the markets have turned south, if there’s too much volatility in the market,” Aggarwal said. Hopefully the current geopolitical situations will have cooled down by June and there will be less uncertainty.”

WATCH: SpaceX has filed confidentially for IPO

Finland-based quantum computing startup IQM announced plans Monday to become one of Europe’s first publicly listed companies in the sector.

IQM will merge with special purpose acquisition company (SPAC), Real Asset Acquisition Corp as part of the listing in New York. The deal, which gives IQM an initial equity valuation of $1.8 billion, is pending shareholders’ approval and other regulatory conditions being met, the firm said in a Monday statement.

The company is eyeing the transaction being completed around June this year, with the listing to happen shortly after that. It’s also considering a dual listing on the Helsinki stock exchange.

Founded in 2018, IQM raised $320 million in a Series B funding round in September, which valued the company at $1 billion. The round was led by Ten Eleven Ventures, a U.S. cybersecurity-focused investment firm, while Finnish venture capital firm Tesi also invested.

IQM is building full-stack, open-architecture quantum systems that can be deployed on-premise or accessed via the cloud.

The merger could provide over $300 million in funding for the company, in the form of private investment in public equity financing and cash held in RAAQ’s trust account, assuming no redemptions (when investors in the SPAC withdraw their money from the transaction ahead of the listing).

Quantum computing promises to run calculations vastly quicker than classical computers can, solving more complex problems and processing larger volumes of data. Proponents of the technology say it could be used to facilitate breakthroughs in areas like medicine, science and finance.

While the tech is not yet deployed in commercial environments and still has significant technical obstacles to overcome to become viable, some analysts are particularly bullish on the quantum sector.

“Whilst progress has been slow and there have been many challenges, we are starting to see meaningful breakthroughs in the quantum space,” UBS analysts wrote in a report in January.