Elon Musk’s Space Exploration Technologies (SpaceX) has raised USD 1 billion financing round from Google and Fidelity, which now own just under 10 percent of the company. Google and Fidelity have joined Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn as investors. Previously, the firm had raised USD 245.5 million and expected to require huge investment in research and development over the coming decade.
This new funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing. SpaceX designs, manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology with an aim of enabling people to live on other planets.
Two days back, SpaceX CEO Elon Musk had announced its plans to to build a space internet platform to deliver internet services all over the world. At a SpaceX event in Seattle, Musk also said that he wants to spend USD 10 billion on his plan so as to expand it all the way from Earth to Mars. Google’s Project Loon is also striving to increase the availability of internet connectivity and it relies on balloons. In 2014, it acquired satellite imaging company Skybox.
Image Source: spacex.com