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May 6 (Reuters) - Elon Musk's SpaceX has proposed investing $55 billion to build a semiconductor manufacturing facility, called Terafab, in Texas, according to a filing made public on Wednesday.

The project would involve a multi-phase chip fabrication and advanced computing complex designed to boost domestic semiconductor production capacity in the United States.

SpaceX estimates that the total investment could potentially rise to $119 billion if additional phases are completed.

The facility is planned in Grimes County within a newly designated reinvestment zone, where local officials are expected to consider a property tax abatement agreement at a June meeting.