SpaceX lands $1bn investment from Google and Fidelity

 
Jessica Morris
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SpaceX will use satellites to beam internet to remote parts of the world (Source: Getty)

SpaceX, the California-based rocket company, said it received a $1bn investment from Google and Fidelity.

Google and Fidelity will together own just under 10 per cent of the company, which gives SpaceX a total valuation of $10bn.

SpaceX, which is based by Tesla founder Elon Musk, said it will use the funding for innovation in the ares of space transport, re-usability and satellite manufacturing.

SpaceX said in a statement:

Space Exploration Technologies (SpaceX) has raised a billion dollars in a financing round with two new investors, Google and Fidelity.

They join existing investors Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn.

It ties in with Elon Musk's recently announced Space Internet venture, which will use some 4,000 satellites to speed up the internet and beam it into currently underserved areas of the world.

“Our focus is on creating a global communications system that would be larger than anything that has been talked about to date,” Musk told Bloomberg Businessweek.

But the Space Internet could be so powerful that it would even works on Mars according to Musk.

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