Spacex raises $1 billion from Google and Fidelity

Space Exploration Technologies (SpaceX) has raised a billion dollars in a financing round with two new investors, Google and Fidelity. They join existing investors Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn. Google and Fidelity will collectively own just under 10% of the company.

SpaceX designs, manufactures, and launches the world’s most advanced rockets and spacecraft. This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.

It is believed that the Spacex satellite network would have up to 4000 smaller mass produced satellites that would fly at about 700 kilometers for faster response and communication speeds.

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