Elon Musk's SpaceX boosted its target IPO valuation above $2 trillion, Bloomberg News reported, citing people familiar with the matter, setting the stage for what could become the largest stock market listing on record.

SpaceX and its advisers are floating the figure to prospective investors in its initial public offering, the report said.

SpaceX, based in Starbase, Texas, submitted confidential IPO paperwork with the U.S. Securities and Exchange Commission recently and is targeting a market launch later this year.

SpaceX did not immediately respond to a Reuters request for comment.