Elon Musk’s Space Exploration Technologies (SpaceX) has raised US$1bn in a new funding round led by Google and Fidelity. The investment will give them a 10pc stake in SpaceX and value the company at over US$10bn.
It emerged earlier this week that SpaceX was close to landing an equity investment involving Google that could see its value surpass US$10bn.
Google and Fidelity join existing investors Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn. Google and Fidelity will collectively own just less than 10pc of the company.
“SpaceX designs, manufactures, and launches the world’s most advanced rockets and spacecraft,” the company said in a statement.
“This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.”
Google and SpaceX have already begun partnering on projects. In November, they revealed plans to build 700 satellites that could weigh less than 250 pounds.
Revenue from the satellites would fund Musk’s long-time dream of one day colonising Mars.
Elon Musk image via Shutterstock