SpaceX secures $1bn funding from Google and Fidelity

Cash injection values company at $10bn

Google has been confirmed as a major financial backer of Elon Musk's space exploration firm SpaceX.

SpaceX is focused on the design, manufacture and launch of rockets for the purposes of space transport and satellite coverage.

The company confirmed that Google and an investment firm called Fidelity have stumped up a total of $1bn (£659m), taking a 10 percent stake.

This values SpaceX at around $10bn. It is not clear how much each company has put towards the funding.

"This funding will be used to support continued innovation in the areas of space transport, reusability and satellite manufacturing," SpaceX said in a statement.

Google said its investment is part of its interest in using satellite technologies to boost web acecss around the world.

"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," a Google spokesperson said.

Don Harrison, Google's vice president for corporate development, will join the SpaceX board as part of the investment.

Google's interest in SpaceX follows its efforts to improve web access in remote parts of the world, as witnessed by the Project Loon balloon initiative which aims to broadcast coverage over remote areas.

Google spent $500m last summer on satellite imaging firm SkyBox, in a move that further underlines the search firm's interest in this area.

The funding comes during a busy time for SpaceX. An attempt last week to recover of one of its spacecraft by trying to land it on an aircraft carrier ended in a rather spectacular crash, as shown below.

SpaceX hopes to send people to Mars within the next 12 years, as those with such lofty ambitions start to aim high.