SpaceX is preparing an initial public offering that aims to raise well over $30 billion, according to people familiar with the plan. The transaction would rank as the largest listing ever. The company is targeting an overall valuation of about $1.5 trillion, close to the level reached by Saudi Aramco in 2019.

Management and advisers are working toward a listing in mid-to-late 2026. The schedule could shift with markets, and one person said the plan may move into 2027. SpaceX has not commented publicly on the process.

News of the potential IPO lifted shares of other space companies. EchoStar rose as much as 12% in New York, reaching a new intraday high. Rocket Lab gained up to 4.3%. The rally followed reports that SpaceX had accelerated internal discussions on the offering as it completed its latest insider share sale.

The company’s move toward public markets is supported by growth in the Starlink satellite internet unit. Starlink’s direct-to-mobile plans and the development of the Starship rocket program are seen as key drivers. Revenue is expected to reach about $15 billion in 2025 and rise to between $22 billion and $24 billion in 2026, with most sales from Starlink.

SpaceX plans to direct part of the IPO proceeds toward space-based data centers and chip purchases needed to support them. The idea was mentioned by Elon Musk at a recent event with Baron Capital.

In the current secondary sale, SpaceX set a share price of about $420, placing its valuation above $800 billion. Employees are allowed to sell around $2 billion of stock, and the company will buy back some shares. The valuation step is intended to establish a fair market level ahead of the IPO.

Musk said on Dec. 6 that SpaceX has been cash-flow positive for many years and conducts twice-yearly buybacks to provide liquidity. He added that valuation changes reflect progress in Starship, Starlink and global direct-to-cell spectrum efforts.

SpaceX has weighed a Starlink spinoff, but executives have indicated any such move remains years away. Investors include Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity and Google.