Internet search giant Google is about to join Silicon Valley’s space race and will make an investment in Elon Musk’s rocket ship start-up SpaceX that could value the company at more than US$10bn.
It is understood that Google’s motivation is to support the development of SpaceX satellites that could beam low-cost internet around the world.
Google won’t be going it alone and will be working with other investors. According to The Information, the investors agreed to value SpaceX at more than US$10bn.
Existing investors include Founder’s Fund, Draper Fisher Jurvetson and Valor Equity Partners.
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 longtime dream of colonising Mars.
The project could generate between 700 and 1,000 new jobs in Seattle, Washington.