Goldman Sachs Group Inc is leading the cover position on Elon Musk-led SpaceX's proposed initial public offering, Bloomberg reported, in a sign that the company is moving closer to a long-awaited market debut. Reports said the IPO could seek to raise as much as $75 billion, with valuation expectations ranging from roughly $1.75 trillion in recent reports to more than $2 trillion in earlier ones.

At that size, the listing would overtake Saudi Aramco's $29.4 billion IPO in 2019 and could become the largest public offering on record. Bloomberg said Morgan Stanley is also named as a lead bank, while Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. appear on the preliminary prospectus.

SpaceX, described in the report as Musk's rocket, satellite and artificial intelligence company, could make a public IPO filing as early as Wednesday. Being featured on the cover of a major IPO can give a bank a more active role in the transaction and, in some cases, a larger share of the fees.

People familiar with the matter said discussions are still under way and the terms of the offering may still change before pricing. The Wall Street Journal first reported the banking line-up. Representatives for Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan declined to comment, while a SpaceX representative did not immediately respond to requests for comment.

Other institutions have also been assigned roles on the deal, according to the report. Deutsche Bank AG and UBS Group AG are handling European orders, while Barclays Plc is overseeing UK IPO share transactions.

Reports have also suggested that SpaceX is seeking support ahead of pricing. The Information reported that BlackRock discussed investing between $5 billion and $10 billion in the IPO, which could serve as an anchor-style commitment. Reuters separately reported that Musk had publicly said he would not sell personal shares ahead of the listing, indicating that the proposed float is aimed at market access and capital formation rather than insider liquidity.

For now, formal confirmation is still awaited and the final terms remain open. Even so, the latest reports suggest that SpaceX has moved well beyond being seen as only a theoretical IPO candidate, with the structure of a large and closely watched deal now taking shape.