Elon Musk's SpaceX will soon offer to sell insider shares raising its valuation to $140 billion, Bloomberg reports. The company is now more valuable than Lockheed Martin and Boeing, making it the second-most valuable aersopace and defence company in the west.

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Space Exploration Technologies Corp. was previously valued at $127 billion as of July, according to Pitchbook. Shares, which are rumoured to being offered at $77, would raise the company's value by 12%. Shares of SpaceX cannot be bought currently as it is privately owned.

SpaceX is the U.S.' most valuable private company.

Beating Lockheed Martin and Boeing, SpaceX now stands behind Raytheon Technologies which has a $146 billion market cap. Lockheed Martin has a market cap of $125 billion and Boeing of $111 billion.

SpaceX is also more valued than Northrop Grumman and Airbus in the aerospace and defence industry.

The company's new valuation would place it among the top 100 most valued public companies; even above giants such as AT&T, Salesforce, IBM, Unilever, SAP and more.

Among the top 200, lie companies such as Goldman Sachs, HSBC, American Express, Starbucks, Porsche, Sony, Mondelez, Citigroup, Volkswagen and Paypal.

Barron reports that this gain in SpaceX's valuation could contribue $7 billion to Musk's net worth. This news comes as Musk loses his standing as the world's richest person to LVMH's founder Bernard Arnault.

Also read: Elon Musk briefly loses world's richest person title to LVMH's Bernard Arnault: Forbes

SpaceX was in talks regarding a funding round that could raise the value of the company further to $150 billion, Bloomberg reported in November.