SpaceX is raising $500 million at a valuation of $30.5 billion, according to a WSJ report citing people familiar with the matter. The company is said to be raising the capital in part to help fund its ambitious Starlink internet service project.

According to the announced plan, SpaceX intends to launch 11,000 satellites to plaster the globe with internet connectivity. So far, SpaceX has launched just two prototype satellites, even though earlier reports stated SpaceX, at one time, projected it would have 400 satellites in orbit by the end of 2018.

If this funding goes through, it will bring SpaceX’s total amount raised to about $2.5 billion of equity funding, according to Dow Jones VentureSource. Last month, SpaceX raised $250 million through a high-yield loan sale.

The WSJ reports that for this equity round SpaceX turned to existing investors and new investor Baillie Gifford & Co., a large investor in Musk’s Tesla. The report stats that SpaceX and the investors have agreed to the financing terms but the money has yet to be sent.