Elon Musk's SpaceX has dramatically increased its IPO ambitions, now seeking to raise $75bn in what would be the largest public offering in history. The Texas-based rocket company previously targeted $50bn but executives boosted that figure by $25bn during a meeting with investors this week. Musk aims for a $1.75tn valuation, exceeding the market caps of all but five US public companies.

Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have been tapped as lead underwriters for the blockbuster deal, which could file its prospectus with US regulators within days. The company plans to debut by June, coinciding with Musk's birthday and a planetary alignment. Bankers are considering allowing early shareholder liquidity, potentially waiving the standard 180-day lock-up period.

This IPO comes amid regulatory changes making it easier for mega-cap companies to join major indices quickly. Nasdaq recently proposed allowing top-40 market cap companies to enter the Nasdaq 100 just 15 trading days post-IPO, while the NYSE introduced similar fast-track rules. SpaceX plans to float less than 5% of its equity, reflecting Musk's continued control over the space exploration company's future.