Report: Google And Fidelity Are Reportedly Investing in SpaceX [Updated]
Update: SpaceX has confirmed that it indeed received $1 billion in funding from Google and Fidelity Investments. Together, both these companies will own almost 10 per cent of the company. Speaking of this on its official website, a SpaceX spokesperson stated:
This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.
Another Google spokesperson added:
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.
Original Story: On Monday, The Information reported that according to “several people familiar with the talks,” Google is planning to invest in SpaceX – a project which will launch hundreds and thousands of micro-satellites into a low orbit around the Earth (at around 750 miles) in order to provide high-speed Internet access to rural and developing areas of the globe. According to the report, Google is in the final stages of the talks and SpaceX is also looking for other investors.
Speaking of this at a gathering in Seattle, Elon Musk stated that the new office in Seattle would be dedicated to this project. Early this week, we reported another competing project dubbed OneWeb which is a joint venture of Richard Branson’s Virgin Group and Qualcomm. As of this instant, both of these projects are in early phases of development, but Musk believes that both projects have some notable differences. Musk is of the opinion that his design of micro-satellites is far more sophisticated than that of Greg Wyler who is the Founder and CEO of OneWeb.
OneWeb basically grew out of O3b (another micro-satellite venture invested in by Google), but when Wyler left O3b, he also took rights to the radio frequency that satellites require to beam Internet back to Earth.
According to sources of The Information, “Mr. Musk appears to be trying to get around his lack of spectrum rights by relying, in part, on optical lasers.” Musk has also stated that this project will take at least around five years to complete and will cost $10 billion which will eventually serve his dream of Internet access on Mars colonies.
What’s your take on this? Let us know in the comments below!
Arslan is one of Techfrag's regular news writers. When not digging out news stories, he is found buried nose deep in fantasy novels, wasted listening to dubstep, or raging against Xbox Live kids. Need I say more?