Elon Musk‘s SpaceX is reportedly looking at investment from a unit of Saudi Arabia‘s investment fund and an Abu Dhabi based company.

What Happened: Badeel — Saudi Arabia's Water and Electricity Holding Company, which is part of the country's Public Investment Fund — and the United Arab Emirates' Alpha Dhabi are involved in SpaceX’s multibillion-dollar funding round, reported The Information, citing two people familiar with investor discussions.

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The funding round is expected to value SpaceX at about $140 billion, the report added.

Early this year, Musk had said that Saudi’s Public Investment Fund “unequivocally” wanted to take his electric vehicle company Tesla Inc. (NASDAQ:TSLA) private in 2018. But the Saudi backers later backtracked on the commitment.

Musk was testifying at a trial in a San Francisco federal court after investors accused him of committing fraud when he tweeted that he was taking the company private at $420 per share in 2018 . However, in February, a jury ruled him not guilty.

Early in January, it was reported that SpaceX is raising $750 million in a fresh funding round that would value the company at $137 billion.

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