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 said on Tuesday, Reuters reported. 

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.