Google’s expected investment in the commercial space-flight venture SpaceX took on substance Tuesday, when the startup announced a fresh $1 billion investment courtesy of the search giant and Fidelity. The two new investors will now own just under 10% of SpaceX.
This funding will further research into space transport, reusability, and satellite manufacturing.
The announcement follows a Wall Street Journal report yesterday that said Google was close to investing in the startup. Founded in 2002, SpaceX is run by Tesla Motors founder Elon Musk, who is the closest thing we currently have to a mad wizard.
The stated goal of the company is to enable humans to live on other planets. Some reports also suggest that Google’s interest in investing in SpaceX is rooted in developing low-cost satellites that could beam low-cost internet back towards the Earth.
Photo courtesy of SpaceX