Elon Musk‘s SpaceX is reportedly set to value itself at a record $210 billion in a tender offer, exceeding its previous $200 billion estimate.

What Happened: SpaceX is planning to sell insider shares at $112 each, a price higher than expected. This move will increase the company’s value to approximately $210 billion, reported Bloomberg on Thursday, citing sources familiar with the matter.

The company’s valuation was $180 billion in a transaction in December, as per Bloomberg. The decision to price the tender offer higher than the $200 billion valuation discussed last month was driven by significant investor demand.

Despite the new valuation being a record for an American private company, it is still lower than the $268 billion valuation of ByteDance Ltd., the parent company of TikTok. SpaceX is now on par with some of the world’s largest publicly traded companies by market capitalization.

The terms of the tender offer are not yet finalized, and the offer’s size could change depending on the interest from both insider sellers and buyers.

See Also: Elon Musk Could Sell At Least 100,000 New Lower-Cost Models Next Year: ‘Tesla Has Over 50% Share Of The US EV Market’

SpaceX did not immediately respond to Benzinga's request for comment.

In March, it was reported that if SpaceX were to go public, it would command a valuation of around $175 billion, immediately thrusting it into a market cap position alongside tech veterans such as Intel Corporation and IBM.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote