The outlet said that the film is "in the early stages of liftoff."
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While Cruise routinely engages in risky stunts for the "Mission: Impossible" franchise, the outlet reports this film will not be associated with those movies.
In past "Mission: Impossible" installments, Cruise performed daring stunts like hanging off the side of a jet plane and scaling skyscrapers.
As of right now, no film studio is on board, according to Deadline.
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Reps for Cruise, SpaceX and NASA did not immediately respond to Fox News' request for comment.