(Reuters) – Elon Musk’s SpaceX is looking to raise about $250 million, taking the private rocket company’s valuation to about $36 billion, CNBC reported on Friday, citing people familiar with the financing.

The company plans to raise the amount at a price of $220 per share and the latest funding round is not expected to close until the second week of March, according to the report https://www.cnbc.com/2020/02/21/spacex-raising-250-million-elon-musks-company-valuation-36-billion.html.

SpaceX did not immediately respond to Reuters request for comment.

SpaceX has been launching Starlink satellites in batches of 60 since May and currently has roughly 300 orbiting Earth in a sprint to make the broadband internet service in the United States and Canada by the end of 2020.

Chief Executive Musk plans to use the Starlink revenue to help fund development of its next- rocket dubbed Starship, which is designed to lift defense payloads to space and send humans to the moon.

The company has long-term plans to spin Starlink off as a publicly traded company in the next several years, a company official told Reuters earlier this month.

The funding round reported by CNBC would come months ahead of SpaceX’s first manned to space under NASA’s Crew Program.

The company’s Crew Dragon space taxi is being alongside rival Boeing Co’s Starliner capsule, both of which have suffered cost overruns and schedule delays in the space program.

(Reporting by Neha Malara in Bengaluru and Joey Roulette; Editing by Anil D’Silva and Shailesh Kuber)

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