The new figure sets a record for a privately held U.S. company, though it remains lower than ByteDance Ltd.’s $268 billion valuation.

SpaceX will sell preferred shares at $112 each in a public offering, a higher-than-expected price that raises Elon Musk’s space and satellite company to nearly $210 billion, according to sources familiar with the matter.

The company’s last valuation was $180 billion in a transaction completed in December, Bloomberg News reported.

The world’s second most valuable startup decided to set the price of its current public offering—a transaction that allows employees and insiders like investors to sell shares—above the $200 billion valuation discussed last month due to significant investor demand, according to the sources, who declined to be identified because they are not authorized to speak publicly.

The new valuation sets a record for a privately held U.S. company but remains lower than ByteDance Ltd.’s $268 billion, the parent company of the social video phenomenon TikTok. SpaceX is already comparable in market capitalization to some of the largest publicly traded companies in the world.

The terms are not finalized, and the size of the public offering could vary depending on the interest from both sellers and insiders.

Representatives for SpaceX, formally known as Space Exploration Technologies Corp., did not immediately respond to requests for comment.