The world’s second-most valuable closely held startup has been discussing a tender offer that could range from $500 million to $750 million, Bloomberg News reported on Dec. 6.

The share price increased from the roughly $95 discussed last week, said the people, who asked not to be identified because the information is confidential. The rising valuation illustrates strong investor demand for a stake in the dominant space transportation company and its fast-growing Starlink internet-from-space service.

Terms and the size of the tender offer could change, the people said.

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

Closely held companies use tender offers like this one to give employees a chance to unlock the value of their holdings in the period before an initial public offering. It also gives investors the chance to snap up more equity.

The Hawthorne, California-based company has become a juggernaut in the commercial space industry, notching more than 90 successful launches of its Falcon 9 and Falcon Heavy rockets this year — a record number for a US commercial launch company. Analysts have argued that SpaceX currently holds a de-facto monopoly on the commercial launch market with its Falcon 9.

SpaceX also continues to flesh out its internet-from-space initiative called Starlink, which currently has more than 5,000 satellites in low-Earth orbit providing broadband internet to customers on Earth. Starlink surpassed 2 million active users this year, according to SpaceX.

SpaceX has also become a valuable launch provider for the US government and the National Aeronautics and Space Administration. The company currently holds a multibillion-dollar contract with NASA to develop its massive Starship rocket into a lunar lander capable of delivering astronauts to the surface of the moon.

SpaceX is on track to book revenues of about $9 billion this year across its rocket launch and Starlink businesses, Bloomberg News reported last month, with sales projected to rise to around $15 billion in 2024. The company is also discussing an initial public offering for Starlink as soon as late 2024 — a bid to capitalize on robust demand for communications via space.