SpaceX boosted its target IPO valuation above $2 trillion, according to people familiar with the matter, as the world’s most valuable startup gears up to pitch potentially the biggest-ever market debut.

Billionaire Elon Musk ’s rocket, satellite and AI company and its advisers are floating the figure to prospective investors in its initial public offering, the people said, ahead of meetings in the coming weeks. The so-called testing-the-waters briefings would likely include more detail that would support the valuation, Bloomberg News has reported.