SpaceX, the private space exploration company founded by ex-PayPal founder Elon Musk, has announced that it raised $1 billion in the latest round of funding. The funding round included the likes of Google, and has pushed the valuation of the company to $10 billion. Also Read - Samsung Galaxy Chromebook Go powered by Intel Jasper Lake Celeron processor revealedAlso Read - Free COVID-19 vaccine: Today’s Google Doodle urges all to get vaccinated, wear mask
As mentioned above in addition to existing investors like Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn, Google and Fidelity have taken part in the investment round as well. The company further said that the latter of the two will now own just under 10 percent of the company. Also Read - HP Chromebook 11a review: Great for students, not so for professionals
The announcement is in line with what The Information recently reported. According to the publication, Google has invested in SpaceX to support the latter s plans of deploying hundreds of micro-satellites that will operate in the lower orbit with the aim of broadening Internet availability.
In a recent chat with Bloomberg, Musk revealed how he believes that satellites are capable of beaming Internet connectivity faster than traditional wires. He s not content with spreading Internet connectivity to all corners of Earth either, and his ambitions include sending Internet connectivity to Mars as well.
Musk s project has similar goals to Google s own Project Loon, which was announced a couple of years back. Google s moonshot project aims at deploying giant balloons in the stratosphere that will transmit wireless Internet to remote corners of the world.
SpaceX has recently also been trying to bring down costs of space operations by introducing reusable rockets. It recently launched the Falcon 9 rocket that successfully delivered supplies to the International Space Station (ISS). But it failed to land one of the leftover boosters that could have been used for another mission. Musk said that the first-stage of the unmanned Falcon rocket made it to the platform floating a couple hundred miles off Florida’s northeastern coast. But the booster came down too hard and broke apart.