SpaceX is eyeing a $500 million funding round that values the company at more than $30 billion, the Wall Street Journal reports.

Baillie Gifford, a century-old Scottish investment firm, owns about 7% of Tesla.

An investment in SpaceX could be an affirmation of its confidence in CEO Elon Musk.

The firm's head of US equities explained to Business Insider in October how it spots the next big tech companies to invest its money.

SpaceX is raising $500 million at a massive $30.5 billion valuation with assistance from the Scottish asset manager and Tesla's largest shareholder Baillie Gifford, the Wall Street Journal reported Tuesday.

The deal is expected to be announced by the end of the year, an anonymous source told the Paper.

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