AsianFin -- SpaceX, Elon Musk's rocket and satellite company, has reached an agreement with its investors to purchase up to $1.25 billion worth of insider shares in a deal valuing the company at approximately $350 billion. This information was revealed in an internal email obtained by Bloomberg.

The transaction sets the per-share price at $185, marking a significant increase from the $112 valuation just three months ago. According to the memo, which was corroborated by sources familiar with the matter, SpaceX itself is offering to buy up to $500 million in common stock.

Space Exploration Technologies Corp., commonly known as SpaceX, has not yet commented on the development.

This valuation, previously hinted at in a Bloomberg report, solidifies SpaceX’s position as the world’s most valuable private startup, with a market capitalization on par with some of the largest publicly traded companies. The surge reflects the broader post-election gains seen across Musk’s business ventures.

SpaceX has become a leader in the space industry, providing rocket launches for NASA, the U.S. Department of Defense, and commercial clients. Additionally, the company is rapidly expanding its Starlink satellite network, delivering internet services to a global customer base.