Elon Musk‘s SpaceX is raising $750 million in a new round of financing that values ​​the company at $137 billion from investors including Andreessen Horowitz, CNBC reported late Monday.

Reuters reported in November that SpaceX was discussing a stock offering, mostly a secondary offering, that could value the company at $150 billion, or a 20% increase in valuation.

Investors in SpaceX include Alphabet Inc and Fidelity Investments, which raised about $1.68 billion in an equity round in June.

Horowitz was also a co-investor in Musk’s $44 billion acquisition of Twitter. SpaceX has launched various cargo payloads and astronauts to NASA’s International Space Station.

SpaceX’s growing network, Starlink of thousands of internet satellites, hopes to generate significant revenue from commercial applications, such as launching high-speed internet on commercial airlines.

SpaceX competes with Amazon.com founder Jeff Bezos’ space venture Blue Origin and billionaire Richard Branson’s Virgin Galactic.