SpaceX is in talks to raise fresh capital through a new funding round that could lift its valuation to around $400 billion, according to a report by Bloomberg.

The Elon Musk-led space company plans to raise the new funds by selling shares to existing investors and insiders. At the same time, SpaceX is reportedly preparing to launch a tender offer that would allow employees to sell a portion of their equity to selected backers—a practice it typically conducts twice a year.

If successful, the deal would mark a significant leap from the $350 billion valuation the company reached during its most recent tender offer in December 2024. SpaceX crossed the $100 billion mark in October 2021 and has more than tripled in value over the last four years, underlining its rapid ascent as one of the most valuable private companies in the world.

While the terms of the new deal are not yet finalized and could still change, insiders say the negotiations are advancing and reflect strong investor confidence in SpaceX’s long-term potential.

The company has dominated the commercial space launch market with its Falcon rockets and continues to expand its Starlink satellite internet service, which now operates globally. It’s also making steady progress on Starship, its next-generation rocket intended for deep space missions, including eventual crewed flights to Mars.

Should the new valuation hold, it would further cement SpaceX’s standing as a leader in the private aerospace industry — and potentially set the stage for an eventual initial public offering, something Musk has previously said is not planned until the company’s Mars ambitions are well underway.