Tesla (TSLA, Financials) shares moved modestly in early trading after CEO Elon Musk hinted that SpaceX could go public, responding to an Ars Technica post outlining reasons an IPO may be nearing. Musk said the reporter’s assessment was accurate, following reports that SpaceX is considering raising more than $25 billion through a public listing in 2026.

SpaceX has not commented publicly, but discussions with banks are reportedly underway for a potential offering as early as June or July next year. An IPO at the reported valuation would make it one of the largest market debuts ever, second only to Saudi Aramco’s 2019 listing.

Crunchbase says that the business is the second most valued private startup in the world, behind OpenAI. A public offering might provide investors a chance to participate in one of the biggest companies in the commercial space launch and satellite communications industries.