Posted: Wed, Jan 21, 2015, 7:18 AM ET (1218 GMT)
SpaceX announced Tuesday that it has raised $1 billion from Internet search giant Google and financial firm Fidelity, funds that will likely support initial development of a satellite communications system. SpaceX confirmed earlier rumors of a major investment into the company by Google in a statement Tuesday, adding that Fidelity was joining the round as well. Google and Fidelity will combined own just under 10 percent of SpaceX, valuing the company at more than $10 billion. SpaceX said in its statement that it will use the proceeds to "support continued innovation in the areas of space transport, reusability, and satellite manufacturing." Many observers believe the investment is most closely tied to plans that SpaceX CEO Elon Musk announced last week to develop a 4,000-satellite constellation to provide global broadband Internet access.

Related Links:

•  New York Times article
•  Bloomberg News article
•  AP article
•  Reuters article
•  SpaceX article