For long considered to be the only believer in Hyperloop transits,colonization of Mars and free internet to everyone through a space-based network, Elon Musk may have found a backer in Google.
SpaceX has now confirmed, that it has received a $1 Billion round of investment from Google, Fidelity, who join existing investors Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn. Google and Fidelity are expected to get collective a share in the vicinity of 10% in SpaceX.
A report in WSJ had earlier suggested that the search engine cum everything-web giant is reportedly in final talks, to invest a huge $1 Billion sum into one of Musk’s ventures, Space Exploration Technologies Corp. (SpaceX) in a deal that values the closely held company at $10 billion or more.
But then, you have that one obvious question, Why is Google investing in SpaceX ?
Well, we have known for quite some time now, as to how aggressively Google has been pursuing its free-internet ambitions. It has been testing Loon Balloons, Fiber optic cables and a lot of other tools. However, the success rate in these projects, specially the loon balloons, hasn’t been what it should be, to bring these models to reality.
Google Inc., apart from fending off competition it faces from similar projects by Facebook and others, is also interested in Musk’s recently announced Space-based Internet Network. WorldVu Satellites Ltd., backed by Qualcomm Inc. and Virgin Group, has begun a similar effort.
IMAGE : BLOOMBERG