Elon Musk attends the 2024 Breakthrough Prize Ceremony. Credit : Taylor Hill/Getty

SOURCE: PEOPLE- Elon Musk is already the richest person in the world, but a planned SpaceX public offering could soon push him past a financial milestone no one has reached before.

SpaceX is preparing to go public later this month at a valuation of roughly $1.75 trillion, a move that could increase Musk’s net worth to an estimated $1 trillion and make him the world’s first trillionaire, according to Forbes.

The company’s highly anticipated IPO is expected to set share prices at $135 each, according to Forbes and the Associated Press. If completed as planned, the offering would raise approximately $75 billion and become the largest stock market debut in history, the AP reported.

SpaceX. Getty

This would mark another major milestone for Musk, whose fortune is closely tied to the success of SpaceX.

Musk owns 4.8 million shares of SpaceX common stock and 350 million stock options, according to Forbes. Those holdings would be worth an estimated $688 billion if the company begins trading at the proposed share price, the outlet reported.

Combined with Musk’s holdings in Tesla and other ventures, the increase in SpaceX’s valuation would be enough to push his wealth into 13-figure territory, according to Forbes.

The proposed offering would also cement SpaceX’s place among the world’s most valuable companies. At an estimated valuation of $1.77 trillion, only six companies in the S&P 500 would be worth more, the AP reported.

Even after the company goes public, Musk is expected to retain primary control of SpaceX. He would hold approximately 82.4% of the company’s voting power through Class B shares with enhanced voting rights as CEO, chief technical officer and chairman, the outlet reported.

The IPO represents the latest major business milestone for Musk, who has built a vast portfolio of companies that includes Tesla, SpaceX, xAI, Neuralink and the Boring Company.

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Elon Musk. Stefani Reynolds/Bloomberg via Getty

It also comes less than a year after Tesla shareholders approved a compensation package that could eventually be worth more than $1 trillion if Musk meets a series of ambitious business targets, according to CNBC, Business Insider and NBC News.

Following the shareholder vote, Musk celebrated the decision during Tesla’s annual meeting in Austin, Texas.

“I super appreciate it. Thank you, everyone,” Musk said at the event, according to NBC News.

“What we’re about to embark upon is not merely a new chapter on the future of Tesla but a whole new book,” he added, the outlet reported.