Elon Musk's rocket and satellite company SpaceX is targeting a valuation of $1.75 trillion when it goes public, which could instantly make it one of the biggest companies in the world.

SpaceX was last valued at $1 trillion after the company acquired artificial-intelligence startup xAI in February. The transaction valued xAI at $250 billion, Reuters reported.

ChatGPT-parent OpenAI and Anthropic are also reportedly racing to an IPO later this year.

With such blockbuster listings expected this year, here's a look at the biggest private companies in the world based on valuations set by investors during priced funding rounds for companies, according to PitchBook.

-Reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Shinjini Ganguli and Janane Venkatraman/Reuters