• Elon Musk's SpaceX is now valued at $350 billion in the latest round of staff share purchases, Bloomberg reported.
• The deal doubles SpaceX's worth from a year ago.
• Elon Musk's net worth keeps rising following gains in Tesla stock and SpaceX's valuation.

Elon Musk's space transportation company has doubled its value in only a year.

SpaceX and approved investors will purchase up to $1.25 billion of employees' shares, valuing the company at about $350 billion, Bloomberg reported late Tuesday, citing an internal memo and unnamed sources.

SpaceX is offering to purchase as much as $500 million worth of common stock itself, according to the memo.

The $185 a share valuation is almost two-thirds higher than the $112 set in the last round of purchases less than three months ago, per Bloomberg.

SpaceX did not immediately respond to a request for comment from Business Insider.

The deal is double the company's $175 billion valuation in December 2023. SpaceX shares were being sold at a valuation of $210 billion in June and $255 billion just last month, Bloomberg previously reported.

The company has long executed tender offers at fairly regular intervals. The arrangement allows employees to sell some of their shares, which often make up a significant part of their compensation, to SpaceX-approved investors.

The boost in valuation is another boost for Musk, whose net worth has reached record highs since Donald Trump was reelected president last month. Musk was worth $384 billion at Tuesday's close, up $155 billion this year, per the Bloomberg Billionaires Index.

Musk is set to work closely with the Trump administration as the co-leader of the Department of Government Efficiency, an advisory committee also known as DOGE.

His businesses are thriving from his close relationship with Trump as investors wager he will continue to play a leading role in the new administration in a phenomenon dubbed the "Trump bump."

Musk's AI startup, xAI, was reportedly valued at $50 billion in late November after raising more than $5 billion in a funding round.

Tesla has also enjoyed a major rally, with shares surging more than 60% this year. The EV maker's stock closed above $400 on Tuesday, putting it within touching distance of its record high of about $415, adjusted for stock splits.