Rocket and space-related stocks rallied in U.S. trading Wednesday after a report indicated that billionaire Elon Musk’s SpaceX could soon take steps toward selling shares on the public market.

Shares of rocket manufacturers Firefly Aerospace and Rocket Lab climbed more than 10%, while a range of other companies tied to the space sector also posted notable gains.

SpaceX is widely expected to pursue a public listing this year, with an estimated valuation of about $1.75 trillion (£1.31 trillion). The technology news outlet The Information reported that the company could submit initial public offering (IPO) paperwork within days.

The BBC has contacted SpaceX for comment.

If the plans proceed, SpaceX — which builds and launches rockets — could raise upwards of $75 billion in the offering. Such a move would mark the largest stock market debut on record.

Momentum spread across the broader space industry, with several firms seeing sharp increases in share prices. Intuitive Machines surged nearly 15%, while Earth-imaging company Planet Labs rose more than 10%.

Satellite manufacturer Sidus Space advanced close to 19%, and AST SpaceMobile gained about 10%.

Musk founded SpaceX in 2002. The entrepreneur, currently the world’s richest individual, also leads several major companies, including electric vehicle maker Tesla, social media platform X and brain technology firm Neuralink.

In recent years, SpaceX has grown into a dominant force in aerospace, winning billions of dollars in U.S. government contracts and participating in major space initiatives.

The company’s broader ecosystem includes ventures such as xAI, which owns social platform X and artificial intelligence firm Grok.

SpaceX also controls Starlink, a satellite network that delivers internet access globally.

A successful share sale could position Musk to become the first trillionaire.

His wealth currently exceeds $820 billion, according to Forbes, which tracks global billionaire fortunes.

In 2025, Musk became the first person in history to surpass a net worth of $500 billion.