Shares of space companies soared in US trade on Wednesday following a report that technology multi-billionaire Elon Musk's SpaceX could this week file for an initial public offering (IPO).

The stock prices of rocket makers Firefly Aerospace and Rocket Lab rose by more than 10%, while other space-related firms also saw their shares jump.

SpaceX is expected to go public this year with a valuation of around $1.75tn (£1.31tn). The technology news outlet The Information reported that the firm could file for the IPO within days. SpaceX, which makes and launches rockets, could reportedly raise more than $75bn from the share sale.

The firm has in recent years become an aerospace powerhouse, securing billions of dollars in US government contracts and space projects. SpaceX also owns satellite firm Starlink, which provides internet services around the world.

Should Musk become a trillionaire on this IPO, he might just overshadow the rest of us with his tech prowess, or perhaps even start a new space race for sheer bragging rights.