As Elon Musk‘s SpaceX aims to raise a record-breaking $50 billion at a $1.75 trillion valuation in its forthcoming IPO, one analyst feels reaching this ambitious target is far from certain.

“Whether SpaceX can get there is really a moonshot,” Jack Ciesielski, a renowned American accounting expert, told Fortune. The success of SpaceX’s IPO is contingent on two elements—a rapidly growing market and significant monopoly power.

Despite competition from smaller firms such as Jeff Bezos’s Blue Origin, SpaceX’s best opportunity lies in gaining a “huge lead” that enables it to achieve economies of scale in rocket production, unmatched by any rival, stated Ciesielski.

However, Analyst Franco Granda of PitchBook stated earlier this month that SpaceX’s $1.75 trillion target is achievable based on its “gigantic” growth opportunities, particularly for Starlink.