According to sources familiar with financing of Elon Musk’s SpaceX, the company is looking to raise around $250 million, which could see its valuation touch $36 billion, reported CNBC.
According to CNBC’s report, SpaceX plans on raising the amount at a price of $220 per share.
The funding round is expected to close after the second week of March.
SpaceX did not immediately respond to requests for comments.
Since May 2019, SpaceX has been launching Starlink satellites in batches of 60 and currently it has around 300 orbiting the Earth.
SpaceX aims to provide broadband internet services in the United States and Canada by the end of 2020.
Musk plans on using Starlink’s revenues to fuel a next-generation rocketship, dubbed Starship, which has been designed to lift defense payloads to space and eventually even send humans to the moon.
Earlier this month, an official from SpaceX disclosed, one of its long-term plans include spinning off Starlink as a publicly traded company in the coming years.
The funding round comes months ahead of SpaceX’s first manned mission to space under NASA’s Commercial Crew Program.