SpaceX CEO Elon Musk. Photo credit: Tesla Owners Club Belgium on Flickr, under Creative Commons license

Aerospace company SpaceX is close to finalizing $2 billion in new funding, up from an initial target of $1 billion, according to a report [paywall] from Bloomberg. According to Bloomberg, Fidelity Investments is a major participant in the SpaceX’s new fund-raise, which would value it at $46 billion post-money. Notably, SpaceX is ramping up its Starlink internet program, an area where the funding comes in handy. The company is reported to have already spent hundreds of millions of dollars on the program.

Before now, SpaceX is known to have raised about $3.5 billion in total funding since its inception.