SpaceX is looking to raise about a quarter billion dollars in new funds, as Elon Musk's company heads into a critical year for its three major projects.

The company is seeking to bring in about $250 million at a price of $220 a share, according to people familiar with the financing. The new raise would value SpaceX at around $36 billion, up from $33.3 billion previously. The round is not expected to close until the second week of March, those people told CNBC, and includes an equivalent purchase offer to existing SpaceX shareholders.

SpaceX did not respond to CNBC's requests for comment. The details of the raise could change depending on market conditions between now and the second week of March.

Last year SpaceX raised $1.33 billion across three funding rounds. It's one of the most valuable private companies in the world and, with consistently oversubscribed capital raises, SpaceX shares rank as some of the most in demand of any pre-IPO companies as well.

The steady fundraising comes as SpaceX continues development on three important programs: Crew Dragon, Starlink and Starship.