Billionaire business magnate Elon Musk is set to a new university in Texas.

Musk is injecting the project with $100 million, and the school is set to be based in Austin with a STEM-focused primary and secondary school, according to a report.

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This foray into education was made known to the public via an application to the IRS, and the goal is to "ultimately to expand [the school's] operations to create a university dedicated to education at the highest levels."

Previous ventures of Musk with education include Ad Astra, which served five of his children and children of SpaceX employees.

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The school in Austin will reportedly offer service to an initial class of around 50 students.

Musk is also building a new town near Austin set to have a school, recreational facilities, and housing for his employees, the report noted.