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May 29 (Reuters) - The U.S. Space Force said on Friday it has awarded Elon Musk's IPO-bound SpaceX a $4.16 billion deal for a program designed to sense and track airborne targets from space.

The Space-Based Advanced Moving Target Indicator (SB-AMTI) is designed as an interconnected system-of-systems, combining space-based sensors, secure communications links and ground processing to drive closer cooperation across the government space industrial base.

The Space Force said there are several companies in this SB-AMTI vendor pool, including SpaceX, and it will issue multiple awards in the coming year.

"This initial award is projected to field a constellation of satellites by 2028, providing the Joint Force with an early capability to eliminate operational blind spots," it said in a statement.

SpaceX, which unveiled its plans for an initial public offering earlier this month, is targeting a valuation of more than $1.75 trillion.

Earlier this week, the Space Force awarded SpaceX a $2.29 billion contract to build a secure, high-speed satellite communications network to connect military sensors and weapons platforms across the globe.