The campaign was launched earlier this year to fund the construction of the 5m art installation which will be made from steel and will shoot flames from its antennae.
Its crowdfunding page has raised just over US$7000 ($9920) of the US$12,000 needed while money had been raised through other fundraisers and the project has received a grant from Burning Man.
Project manager Hippathy Valentine said the giant weta "will enable participants to connect with a part of New Zealand whilst at the annual event".
It will then return to be installed at New Zealand's version of the event, Kiwiburn, held in Rangitikei early next year. Following that the group will look for a permanent location which Mr Valentine said could be in Rangitikei.
"We haven't had any conversations with anyone but if we were going to gift it to anyone I think it would be a good fit for Rangitikei," he said. "We're all about building relationships."
For more information visit giantweta.nz.