(Bloomberg) -- SpaceX is in talks to sell insider shares in a transaction valuing the rocket and satellite maker at about $350 billion, according to people familiar with the matter, a massive jump highlighting the post-election gains across Elon Musk’s business empire.

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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. SpaceX was last valued at about $210 billion in a tender offer earlier this year.

The current conversations are ongoing and the details 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 company, formally known as Space Exploration Technologies Corp., didn’t respond to a request for comment.

The potential transaction would cement SpaceX’s status as the most valuable private startup in the world and rival the market capitalizations of some the largest public companies. SpaceX has established itself as one of the industry’s preeminent rocket launch providers, lofting satellites, cargo and people to space for NASA, the Pentagon and commercial partners, and is building out a large network of Starlink satellites providing internet service.

Musk’s businesses have seen an enormous boost since the US election, with investors seeking to capitalize on the billionaire’s deepening ties to President-elect Donald Trump. Shares in electric-vehicle maker Tesla Inc., Musk’s only publicly traded company, are up about 40% since Nov. 5, while his own wealth has soared to about $353 billion, according to the Bloomberg Billionaires Index.

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is speeding development of its colossal Starship moon and Mars rocket — the largest and most powerful ever developed — and already dominates the market for commercial space launch services with its Falcon family, sending cargo and people to orbit.

Musk’s relationship with Trump was on full display last month when the incoming president attended a Starship test launch in Texas. The SpaceX chief executive officer was a fixture at Trump campaign rallies and contributed millions of dollars to his campaign. Trump also tapped Musk to lead a newly created Department of Government Efficiency, an entity that will recommend federal spending cuts, alongside former Republican presidential candidate Vivek Ramaswamy.