Billionaire Elon Musk has set his sights on his next venture- a new primary and secondary school, and ultimately a university, in Austin, Texas, according to reports by Bloomberg.

Bloomberg first reported that a tax filing for Musk's charity, The Foundation, revealed that the Tesla CEO plans to put $100 million into a STEM-focused primary and secondary school in Austin, Texas.

Once the primary school is operating, it "intends, ultimately, to expand its operations to create a university dedicated to education at the highest levels."

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According to the filing, the university will employ "experienced faculty" and feature a traditional curriculum "alongside hands-on learning experience including simulations, case studies, fabrication/design projects and labs."

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The university will also seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges.

The Foundation submitted an application for tax-exempt status to the Internal Revenue Service in October 2022, and it received approval in March.

Musk, who moved to Texas during the pandemic, plans to begin a school comes as he's recently expanded his footprint in Austin.

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In 2021, he moved Tesla headquarters from Palo Alto, California, to Austin, Texas, and SpaceX also has a large testing facility in McGregor, Texas.