SpaceX

Space Exploration Technologies (SpaceX) has raised $1bn through a financing round with Google and Fidelity Investments.

Under the deal, Google and Fidelity will have a combined stake of less than 10% in SpaceX.

SpaceX existing investors include Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn.

The company plans to use the proceeds for research in space transport, reusability, and satellite manufacturing technologies.

"Space-based applications like imaging satellites can help people more easily access important information, so we’re excited to support SpaceX’s growth as it develops new launch technologies."

SpaceX’s equity round comes after the company’s founder Elon Musk announced plans earlier this week to launch a space internet project to provide internet services to remote corners of Earth, and eventually to Mars, reported Bloomberg Businessweek.

Musk is also planning to build a colony on Mars and plans to use the satellite network to connect people on the red planet to the web in future.

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Google said: "Space-based applications like imaging satellites can help people more easily access important information, so we’re excited to support SpaceX’s growth as it develops new launch technologies."

Google has been strengthening its presence in the aerospace sector.

Last year, the internet giant acquired satellite maker Skybox Imaging for $500m and solar-powered drones manufacturer Titan Aerospace.

Image: SpaceX headquarters in Hawthorne, California, US. Photo: courtesy of Bruno Sanchez-Andrade Nuño.