SpaceX, the company responsible for shipping cargo on and off the International Space Station, which wants to implement global access to the internet with a swarm of satellites, has confirmed a $1 billion investment from Google and Fidelity.

Elon Musk, the mastermind behind SpaceX. Image via ABC News.

The rumors were true – Google has invested in SpaceX, but Fidelity, one of the largest mutual fund and financial services groups in the world… that’s a bit surprising. Now, SpaceX is valued at about $10 billion, with both Google and Fidelity owning 10% of the company. While SpaceX is involved in many interesting and potentially profitable activities, Google is almost certainly interested in SpaceX’s latest endeavor: internet satellites. The satellites are said to be small, low-cost and plentiful enough (Musk wants to deploy a total of 700) to offer affordable and fiber-like fast internet to everyone on Earth and even Mars.

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. Google and Fidelity will collectively own just under 10 percent of the company.

“SpaceX designs, manufactures, and launches the world’s most advanced rockets and spacecraft. This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.”

It’s good to hear that the investments will go towards space exploration and transport; but Elon Musk, the owner and CEO of the company, has even bigger plans. He says that the money could very well go towards building a city on Mars, thus advancing his long-held goal of turning humanity into a “multiplanet species.”

While ZME Science doesn’t cover financial news or corporate investments, we believe that this investment has significant scientific implications – whether it’s for providing free internet access for everybody or building a city on Mars.

Enjoyed this article? Join 40,000+ subscribers to the ZME Science newsletter. Subscribe now!