Even as Elon Musk’s X Holdings Corp. basks in a valuation facelift, the social-media platform remains mired in debt and its improved fortunes owe much to heavily adjusted financials and investors’ fear of missing out.

In what is believed to be its first investment round since going private, Elon Musk-owned X is in talks with investors to raise money based on a valuation of $44 billion, reports Bloomberg News. If that $44 billion figure sounds familiar,