Elon Musk’s SpaceX is reportedly in talks to raise $1 billion funds at $44 billion valuation

2020 is a big year for Elon Musk’s SpaceX company. The company reached a significant achievement n May 30 after the company launched two NASA astronauts into space from American soil after nearly a decade. The following day, SpaceX becomes the first private company to send humans to the International Space Station.

Now, the 18-year old space company is looking to raise new capital at a valuation of about $44 billion, according to a report from Bloomberg on Thursday, citing people familiar with the matter. According to Bloomberg, SpaceX is currently in talks with investors to raise about $1 billion at a price of $270 a share, the report said, adding that the round is unlikely to be completed within the next couple months and terms could change.

Founded in June 2002 by Elon Musk, SpaceX is a space-transportation startup company. The company designs, manufactures, and launches advanced rockets and spacecraft. develops crew and cargo capsules, engines, cryogenic tank structures, avionics, equipment, guidance, and control software.

SpaceX’s achievements include the first privately funded liquid-propellant rocket to reach orbit (Falcon 1 in 2008), the first private company to successfully launch, orbit, and recover a spacecraft (Dragon in 2010), the first private company to send a spacecraft to the International Space Station (Dragon in 2012), the first propulsive landing for an orbital rocket (Falcon 9 in 2015), the first reuse of an orbital rocket (Falcon 9 in 2017), the first private company to launch an object into orbit around the Sun (Falcon Heavy’s payload of a Tesla Roadster in 2018), and the first private company to send astronauts to the International Space Station (Dragon 2 in 2020).

SpaceX’s Crew Dragon capsule delivered NASA astronauts Bob Behnken and Doug Hurley to the International Space Station in May, marking the first U.S. space capsule to do so with a crew since 2011.

The private rocket company also raised $346.2 million in May at a valuation of about $36 billion.

Musk is also the chief executive officer of electric carmaker Tesla Inc (TSLA.O).

Tesla on Wednesday posted a profit for four straight quarters, a condition for it to be considered for the stock index of the largest U.S. companies.