Elon Musk's SpaceX may have reached a valuation of $350 billion, surpassing OpenAI and TikTok parent ByteDance.

SpaceX and investors agreed to acquire $1.25 billion in common stock from insiders at $185 per share, Bloomberg reported last week.

An internal email showed that the per-share deal price was a significant increase from the $112 set less than three months ago.

In addition, SpaceX plans to purchase up to $500 million worth of common stock separately in the total $1.25 billion deal.

The deal pushes SpaceX's valuation to about $350 billion, surpassing OpenAI and ByteDance to become the world's most highly valued unicorn in one fell swoop.

OpenAI announced in early October that it had closed a new $6.6 billion funding round, which gave it a post-money valuation of $157 billion.

And ByteDance valued itself at about $300 billion in its recent buyback offer, according to a November report in the Wall Street Journal.

Versus the latest valuation, Bloomberg reported in June that SpaceX was valued at nearly $210 billion.