Search giant Google is in early talks to invest in SpaceX, tech titan Elon Musk’s space transport services company that is looking at putting more technology in space. The Information reports Google wants an edge in Silicon Valley’s space race for the next frontier.
The purpose of the deal, which is still in the works says The Information, is to support the development of SpaceX satellites that could beam low-cost Internet around the globe to billions who don’t have it.
It’s not clear how much Google plans to invest, but SpaceX is currently being valued at more than $10 billion. If Google can bring Internet to more people, that means more people using its services, translating to more advertising revenue – its bread and butter.
Google has previously worked to bring Internet to two-thirds of the world’s population that does not yet have Internet access through Project Loon, a network of balloons traveling on the edge of space, designed to connect people in rural and remote areas, help fill coverage gaps, and bring people back online after disasters.
Google’s SpaceX investment could take things a step further with a stable network of satellites.
Update: SpaceX has confirmed Google (and Fidelity) have invested $1 billion.
“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,” a Google spokesperson told ABC News in a statement.
Source: The Information