(Bloomberg) -- Elon Musk’s SpaceX is offering to sell insider shares at a price that would raise the closely held company’s valuation to about $150 billion, according to people familiar with the matter.

The most valuable US startup is initially pursuing a $750 million tender offer, said the people, who asked not to be identified because the information wasn’t public. SpaceX is offering shares at more than $80 apiece, they said.

A $150 billion valuation would compare with $137 billion reported in January when SpaceX raised $750 million from investors. SpaceX has around $5 billion of cash on its balance sheet, the people said.

Representatives for SpaceX didn’t immediately respond to requests for comment. The size of the tender offer could change depending on interest from both insider sellers and buyers, the people said.

The Hawthorne, California-based company dominates the market for commercial space launch. The company sends payloads to orbit for private sector customers, as well as for the National Aeronautics and Space Administration and other government agencies. It also ferries astronauts to and from the International Space Station for NASA, and has run the first private space tourism mission for civilians to orbit the earth for several days.

On Friday, SpaceX successfully deployed more than 50 additional satellites, adding to a constellation it uses to beam broadband internet coverage to the Earth below. Investors are watching closely to see whether Musk will spin off Starlink, having suggested he would do so when cash flow became more predictable.

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