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Elon Musk’s SpaceX have crossed the $100 billion valuation. The space company has crossed the milestone following a share sale by existing investors.

The company has an agreement with its existing and new investors to sell up to $755 million in stock from insiders at $560 per share according to people implicated in the deal. According to sources, SpaceX didn’t raise any new capital yet, but the purchase offer represents a secondary sale of existing shares.

SpaceX’s last valuation was $74 billion at $419.99 a share in February when the space company raised about $1.2 billion. However, the new share price has surged by 33%. A similar deal has been closed in February with insiders selling up to $750 million at that time.

SpaceX is now the 2nd most valuable private company globally

The new valuation has turned SpaceX into one of the rarest private “hectocorn” or “centicorn” companies globally. Consequently, Musk’s space leader is now the second-most valuable private company in the world behind China’s Bytedance according to CB Insights.

SpaceX has raised its valuation in that last years as it was raising billions to fund its two capital-intensive projects: Starlink and Starship. For instance, Starlink is a project that is set to build an interconnected internet network that will provide internet to the whole world using satellites.

The project is described as a constellation in the space industry and is set to deliver high-speed internet to consumers across the whole world. 1,740 Starlink satellites have already been launched and over 100,000 users have already registered with the company.

Meanwhile, Starship is the next-generation rocket. SpaceX is planning to send people on missions to the moon and Mars on the cargo. The company is currently testing prototypes in southern Texas’ facility. According to SpaceX, its next step in testing the rocket is reaching the orbit after getting regulatory approval.