Elon Musk‘s SpaceX is reportedly selling Insider shares in a bid that implied valuation has shot up about 10% since July.

What happened: SpaceX has valued the shares at $77 apiece, giving the company a staggering $140 billion valuation, according to Bloomberg reportedciting people familiar with the matter.

That represented an increase from the $127 billion valuation that prevailed in July, the report said, citing data from Pitchbook.

SpaceX has reportedly focused on valuation after toying with a number of prizes. The report also said it was not clear if the company would settle for the same valuation in the event of a primary funding round.

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Why it matters: SpaceX is the most valuable private company in the US Musk’s stake in the company is around $47 billion, according to Bloomberg calculations.

Based in Hawthorne, California, SpaceX was founded in 2002 with a mission to revolutionize space technology and spaceflight. The company also owns high-speed, low-latency Internet service Starlink. Musk reportedly told SpaceX employees that in June Starlink could be spun off in an IPO in 2025 or later. Technology-focused research firm CCS Insights said in October that a Starlink’s IPO makes sense and could come in 2025.

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