After reports this week that Google was close to making an investment in SpaceX, Tesla CEO Elon Musk’s privately funded company working to make advancements in space travel, the companies today have made an official announcement.

Google is leading a billion dollar financing round with Fidelity giving the two companies collectively almost 10% of SpaceX:

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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. 

No other details were provided about Google’s involvement in SpaceX, but a report earlier this week claimed Google’s investment will “support the development of SpaceX satellites that could beam low-cost Internet around the globe to billions who don’t have it.”

Prior to the news of Google’s involvement, SpaceX announced its new idea to launch communication satellites that could help increase Internet speed and create access to the over three billion people who don’t have reliable access to high-speed Internet. The goal of the project aligns nicely with active Google X projects such as its balloon-based internet project dubbed “Loon” attempting bring Internet access to those that don’t have it.

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