According to correspondence obtained by CNBC, SpaceX, Elon Musk’s manufacturer of reusable rockets and provider of satellite internet, is raising $750 million in a new round of funding that values the company at $137 billion.

The news that SpaceX was allowing insiders to sell shares at a price of $77 per share, or about $140 billion, was first revealed by Bloomberg last month. According to previous information from CNBC, the company raised more than $2 billion in 2022, including a $250 million round in July, and was valued at $127 billion during an equity round in May.

The new funding round will likely be led by Andreessen Horowitz (also known as a16z), according to an email sent to potential SpaceX investors. In the beginning, Founders Fund, Sequoia, Gigafund, and many others invested in SpaceX.

A16z also took part in Elon Musk’s $44 billion leveraged acquisition of Twitter, which was completed in late October 2022.

A request for comment was not immediately answered by SpaceX or a16z.

While SpaceX faced delays with its Starship program last year, which is a component of NASA’s mission to send astronauts back to the moon, the company still reached a number of new milestones.

On the plus side, Starlink, the company’s satellite internet service, surpassed 1 million subscribers and gave users in Ukraine who had their infrastructure disrupted by Russia’s invasion a lifeline. Through its Falcon program, SpaceX was also able to launch more than 60 reusable rockets in a single year.

At its Starbase facility in Boca Chica, Texas, the company is currently continuing to develop its Starship and Super Heavy launch vehicles. When the company will proceed to the program’s next phase, which calls for an orbital launch test of these larger vehicles, is unclear.

NASA Administrator Bill Nelson recently questioned SpaceX President and COO Gwynne Shotwell about whether Musk’s “distraction” as the new owner and CEO of Twitter might affect SpaceX’s work with the space agency, according to NBC News. Musk has frequently voiced his opinions about geopolitical issues on Twitter. Shotwell, according to Nelson, reassured him that it wouldn’t.

According to CNET, NASA is now debating whether SpaceX can aid in the rescue of people aboard the International Space Station, including an astronaut and two cosmonauts from Russia’s Roscomos. An investigation is being conducted to determine whether the Russian Soyuz capsule can safely return the crew to Earth or if emergency measures must be taken. The leak in the Russian Soyuz capsule occurred in December.

(Adapted from CNBC.com)