Google took another step towards its goal to launch Internet satellites as it invested $1 billion with Fidelity in SpaceX.
The tech giant and the multinational financial services firm now own about 10 percent worth of shares in Elon Musk's private space transportation firm, according to Economic Times. SpaceX's financing round was valued at more than $10 billion.
The billion dollar investment is aimed to accelerate the development of Internet satellites, which can provide Internet access from isolated areas of the globe. Google has been trying to make the goal happen.
Google's move comes after it acquired Skybox Imaging, a high-resolution imaging satellite maker, for around $500 million.
However, Google is not the only tech juggernaut that is interested in launching satellites to space.
Micro-chip maker Qualcomm and the Virgin Group invested for almost 650 connectivity satellites. Mini satellite maker Planet Labs also received $95 million in funding.
Musk, the founder of SpaceX, also has plans to provide Internet access from space. On Jan. 16, he told Bloomberg that he wants to set up an Internet connection for Mars. His idea will bring faster Internet speeds and deliver affordable Internet services to people who does not have access.
According to Musk's idea, hundreds of satellites will be launched and would orbit around 750 miles above from Earth. Data would travel faster via the space satellites compared to the industry standard optic fiber cables.
Musk told Bloomberg that the space Internet project will be based in the SpaceX Seattle office and that it is expected to be operational by 2018.