Elon Musk-led SpaceX is reportedly looking to raise funds by selling shares at a valuation of $400 billion. Bloomberg News reported, citing people familiar with the matter, that the lofty valuation is derived from several factors,

SpaceX, the private rocket company founded by Elon Musk, is about to sell $1B worth of shares, a move that would slap a $400B valuation on the company.

The sale of employee shares, known as a tender offer, would mark another large jump in SpaceX’s valuation. It was valued at $210bn in the middle of last year, but its valuation soared to $350bn in December when it carried out its most recent tender offer.