Space Exploration Technologies Corporation – SpaceX – founded by the engineer, inventor and entrepreneur, Elon Musk, has raised $1 billion in a recent financing round, by bagging two new investors; Google and Fidelity. 

SpaceX has just confirmed the news in a statement on its website, which states that jointly, the two new investors, now own just under 10% of the company. The new injection of funds will be put towards the continued work of the ambitious organisation which seeks to develop and manufacture rockets and spacecraft for space transport as well as advance its innovations in reusability and satellite manufacturing. 

In particular, a satellite-based Internet system that would bring Internet to rural areas still without access, is one of the primary destinations for the new money, which will involve the launch of hundreds of satellites that will orbit the earth from a short distance.