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% 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.
Google's investment in SpaceX is reportedly to support its plan of delivering micro satellites into a low orbit around the globe, providing internet to rural and developing areas. SpaceX CEO Elon Musk and former Google executive Greg Wyler are said to have formulated a plan that involves sending up around 700 satellites weighing less than 250 lbs each.
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