Elon Musk’s SpaceX is splitting the value of its common stock 10-for-1, CNBC has learned, with the company’s valuation having soared to more than $100 billion.

The split means that for each share of SpaceX stock owned as of Thursday, a holder now has 10 shares after the conversion. With SpaceX valued at $560 a share during its most recent sale, the split reduces SpaceX’s common stock to $56 a share, according to a company-wide email obtained by CNBC.

“The split has no impact on the overall valuation of the company or on the overall value of your SpaceX holdings,” the email said.

SpaceX did not immediately respond to CNBC’s request for comment.

As the email to employees emphasizes, a stock split is cosmetic and does not fundamentally change anything about the company. Companies occasionally perform stock splits, such as high-growth tech companies like Apple or Google-parent Alphabet, and the move is typically seen as a way to make the shares more accessible or manageable.

This is the first time SpaceX has performed a stock split, according to multiple people familiar with the private company.

The company’s valuation has soared in the last few years as SpaceX has raised billions to fund work on two capital-intensive projects: the next generation rocket Starship and its global satellite internet network Starlink.