Elon Musk's rocket company, SpaceX Corp., is set to raise $500 million at a $30.5 billion valuation in an effort to get its internet-service business off the ground, the Wall Street Journal reported Tuesday, citing people familiar with the fundraising.

Musk is the founder, CEO, and lead designer of SpaceX, and is co-founder, CEO, and product architect of Tesla Inc. (TSLA) - Get Report .

SpaceX and the investors have agreed on the financing terms, the Journal said, but the money hasn't been sent to the company yet. SpaceX could announce the deal by year-end.

SpaceX investors are paying $186 a share for new stock in the latest funding round, up about 10% from the $169 paid during an April fundraising. 

SpaceX plans to invest in the company's nascent satellite internet service Starlink. Initial designs call for it to be powered by more than 4,000 satellites orbiting the earth.

This is one of two multibillion-dollar projects at the company, including plans to develop the largest rocket system ever built, the Starship and its Super Heavy rocket booster. The company launches commercial and government satellites.

SpaceX has outlined plans for a trip to Mars in 2022, to be followed by a manned mission to the red planet by 2024.