• Elon Musk’s company in discussions to sell insider shares

• Rocket firm previously mulled $255 billion valuation

SpaceX is in discussions to sell insider shares that could boost the value of Elon Musk’s rocket and satellite company to around $350 billion, according to people familiar with the matter.

Destiny Tech100 Inc soared 10% in overnight trading. (Destiny Tech100 is a fund that offers retail investors access to high-profile private startups, and SpaceX is Destiny Tech100's largest holding, making up about 37.6% of the portfolio.)

That would be a significant premium to a previously mulled valuation of $255 billion as reported by Bloomberg News and other media outlets just last month. It would also cement SpaceX’s status as the most valuable private startup in the world. SpaceX was last valued at about $210 billion in a tender offer earlier this year.

SpaceX, formally known as Space Exploration Technologies Corp., didn’t immediately respond to a request for comment.

The current conversations with SpaceX are ongoing and the details of a potential transaction could change depending on interest from insider sellers and buyers, said the people, who asked not to be identified because they’re not authorized to speak publicly.

The so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in the closely held SpaceX a way to generate liquidity amid deepening ties between Musk and President-elect Donald Trump.

The potential valuation surge underscores the enormous gains that Musk’s empire has seen since the US presidential election. Tesla Inc.’s shares are up 42% since Nov. 5, while Musk’s own wealth has soared to about $353 billion, according to the Bloomberg Billionaires Index

At roughly $350 billion, SpaceX would also be on par with some of the world’s largest publicly traded companies in terms of market capitalization.