US-based Space Exploration Technologies (SpaceX), first private company to launch a spacecraft into orbit, confirmed yesterday it has secured $1bn in funding from internet company Google and financial services firm Fidelity.
SpaceX revealed the funding, raised at a valuation of more than $10bn, after initial reports of the investment appeared in The Information and the Wall Street Journal.
Founded in 2002 by Elon Musk, SpaceX, launched first spacecraft into orbit in 2009. It plans to eventually send manned flights to Mars with the goal of colonising the planet.
According to The Information, Google’s capital will support SpaceX satellites that could help spread the internet to areas of the world where it is not freely available. It previously spent $500m last year to acquire satellite imaging and video technology provider Skybox Imaging.
The development follows an investment last week by conglomerate Virgin and mobile semiconductor technology producer Qualcomm in satellite internet technology startup OneWeb.
SpaceX does not usually make firm announcements concerning funding but press reports and regulatory filings indicate it had previously raised about $250m altogether, including $30m in a round led by venture capital firm Draper Fisher Jurvetson in late 2012 that valued it at between $4bn and $5bn, according to Pando.
Other investors in SpaceX include Rothenberg Ventures, Valor Equity Partners, Capricorn and Founders Fund, the VC firm launched by Peter Thiel, a co-founder with Musk of online payment service PayPal.
– Updated from original story, ‘Google explores potential $1bn investment in SpaceX’ published on 20/01/15. Photo courtesy of Space Exploration Technologies Corp.