Elon Musk's SpaceX (SPACE) and its investors have agreed to buy as much as $1.25B of insider shares in a deal that values the spacecraft maker at about $350B, Bloomberg reported, citing an internal email.

SpaceX’s valuation continues to rise at an eye-popping pace, with the company reportedly in talks to sell insider shares at a price that would value it at

The tender offer – in which employees and early investors are allowed to sell shares at a specific time and price – would mark a rapid jump in value for SpaceX.