Elon Musk’s SpaceX has been valued at $350 billion in a new deal to purchase employees’ shares, making the rocket and satellite maker the world’s most valuable private startup, reports the Financial Times.

SpaceX and its investors will purchase $1.25 billion of the company’s existing common shares at $185 a share, said four people with knowledge of the transaction. That marks a 65 percent leap in its share price since its most recent deal in September, when employees sold shares for $112 apiece.

The new valuation means SpaceX has pushed ahead of ByteDance, the parent company of TikTok, which was valued at about $300 billion in a share buyback program last month.

SpaceX will purchase about $500 million of the shares with the rest of the capital provided by outside investors, who are eager to support the business interests of Musk, who helped deliver the US election for Donald Trump last month, spending more than $250 million on his campaign, and has become a close confidant of the president-elect, the Financial Times noted.