SpaceX is targeting a valuation of around $1.75 trillion in its initial public offering planned for next week, according to people familiar with the matter. Elon Musk's rocket company expects to sell under 5% of its shares, or roughly between $60 billion and $80 billion worth of stock. Exact terms could shift before the company files updated paperwork Wednesday afternoon with a targeted share-price range.

The filing will give investors their first official look at SpaceX's potential market value in the offering. The company was valued near $1.25 trillion earlier this year after acquiring artificial-intelligence firm xAI. That earlier transaction established a massive baseline before Musk's rocket maker pushed toward what would rank among the largest listings in market history.

Goldman Sachs and Morgan Stanley will earn outsized fees for their prominent roles, while roughly 20 other banks will split hundreds of millions of dollars in remaining proceeds. Goldman will deliver shares and handle payment from the deal, while Morgan Stanley will serve as the stabilization agent that opens the stock for trading on day one.

Bank of America, Citigroup and JPMorgan Chase are also helping lead the offering, and JPMorgan has taken on the additional role of party planner alongside its underwriting duties. The deep roster of Wall Street lenders reflects the massive fee pool at stake in what could become one of the most lucrative IPO mandates on record.