Elon Musk’s spacecraft manufacturer and satellite communications firms SpaceX Corp. is close to completing a massive $750 million round of private funding that would bring its value to $137 billion, according to an exclusive report by CNBC.

The news follows a report from Bloomberg last month that SpaceX had allowed insiders to sell their stakes in the company at $77 per share, which would value the company at about $140 billion.

The proposed round will be led by Andreessen Horowitz, also known as a16z, with previous investors Founders Fund, Sequoia and Gigafund also named as participants, according to an email sent to prospective investors that was seen by CNBC. The involvement of a16z is significant, since it has a close relationship with Musk, helping to fund his $44 billion buyout of Twitter Inc. in October.

SpaceX raised more than $2 billion in funding in 2022, including a $250 million equity round in July. Even so, there’s reason to believe that the company needs more funds to proceed with its future roadmap. Although it achieved a number of milestones in the last year, it has notably faced delays with its Starship spacecraft, which is a key part of the National Aeronautics and Space Administration’s Artemis Mission, which is a plan to return astronauts to the surface of the Moon.

The space firm is still working on the development of its Starship and Super Heavy launch vehicles at its base on Boca Chica, Texas, and it remains unclear when it will be…