June 2 : SpaceX, Elon Musk's rocket and satellite company, plans to target a valuation of $1.75 trillion in its blockbuster initial public offering, which will consist entirely of new shares, three people familiar with the matter told Reuters on Tuesday.The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said. Shareholders would likely have to wait until at least after the company reports its first quarterly earnings, under a staggered lockup, Reuters previously reported.After some early meetings with investors, or a "testing the waters" process, the company has indicated it plans to raise at least $75 billion in its base offering, the sources said, requesting anonymity to discuss confidential information. The greenshoe option, set at 15 per cent, would allow underwriters to sell additional shares if investor demand exceeds expectations, one of the sources said. Pure primary offerings are not unprecedented, although they are not the most common structure for large listings, which are often a mix of primary and secondary shares allowing early investors to sell down stakes.