Google Could Invest $1B in SpaceX for Satellites

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U. Baumgarten via Getty Images

Google is in talks to invest $1 billion in SpaceX to gain satellites that will give cheap Internet access to the developing world, according to reports.

SpaceX, which was founded and run by Elon Musk, creates and launches spacecraft and recently acquired a $1.6 billion NASA contract for cargo missions to the International Space Station, PCWorld reported. Musk announced in November that SpaceX was working on developing "micro-satellites" to provide Internet access.

The $1 billion investment by Google would make SpaceX valued at more than $10 billion, the Wall Street Journal reported, citing an unnamed source.

Google has previously invested in balloons providing Internet access dubbed Project Loon and seems to still be committed to that project. It also bought Titan Aerospace which created solar-powered drones in April. So this won't be Google's first aerospace investment, but it seems Project Loon hasn't been as successful as Google hoped if it's already planning another venture to bring Internet access to the developing world.

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