Elon Musk’s aerospace venture SpaceX  authorized a new round of funding for $507 million on April 5, 2018. According to a filing seen by Reuters, the initial value of the Series I shares is $169 per share, which is a 25% increase from its previous fundraising round in 2017. This round would bring SpaceX value to $26 billion.

SpaceX authorized 3 million shares of stock for this Series I round, according to Geek Wire, which followed the last round in November 2017. Back then, SpaceX landed $100 million as part of a larger $450 million round.

According to Forbes, approximately $100 million of shares will be purchased by the founder himself, which would make Musk’s share of SpaceX worth roughly $11.5 million. The rest of $400 million should come from other investors like Fidelity investments, Google, Founders Fund and Draper Fisher Jurvetson.

At the new $26 billion valuation SpaceX would become the third-highest-valued private company in the U.S., after Uber and Airbnb, Recode reports.

The valuation comes after a great year for SpaceX – seven successful launches, including the historic launch of Falcon Heavy, which is now the most powerful operational vehicle in the world. Additionally, the company is working on an even more powerful spacecraft, the BFR (Big Falcon Rocket) which is supposed to be the first transport vehicle to Mars. SpaceX estimates that  first cargo launches should start in 2022.

On February 6, 2018, SpaceX’s super heavy-lift vehicle Falcon Heavy successfully put a car into space. Despite a few hiccups along the way, it marks a huge step forward not only for the company, but the space industry as a whole.

Additionally, the company recently received good news concerning their launch of $3.5 billion “Zuma” spy satellite. The satellite failed in orbit after its launch in January 2018. The company is now  cleared of any responsibility for the failure, which was attributed to the contractor of the satellite.