SpaceX has filed a property tax abatement application in Grimes County, Texas, for a semiconductor fab that would cost $55 billion in its initial phases and up to $119 billion if all planned expansions are completed.

The filing, posted on the county government’s website ahead of a public hearing scheduled for June 3, describes the project as a “multi-phase, next-generation, vertically integrated semiconductor manufacturing and advanced computing fabrication facility” to be built at the Gibbons Creek Reservoir site, roughly 90 miles northeast of Austin.

The capital figures in this filing far exceed what was disclosed when Elon Musk announced Terafab in March, where the project carried a $20 billion price tag. Musk later confirmed during Tesla’s earnings call that SpaceX would handle high-volume chip manufacturing while Tesla operates a smaller R&D pilot line at its Austin campus. The Grimes County filing appears to be SpaceX’s first formal step toward securing a site for that production facility.