Earlier this week, sources suggested that Google was eyeing up investing in Elon Musk’s SpaceX space transportation company and now, SpaceX confirms the investment from Google as well as Fidelity who are both collectively investing $1 billion into the project. With the addition of Google and Fidelity and four other major investors, SpaceX is now valued at over $10 billion.

Rumours earlier this week suggested that Google wasn’t necessarily into SpaceX’s space travel projects and the investment was meant to bolster the development of SpaceX satellites that could be used to send Internet access to rural places with little or no Internet connectivity, something that’s been an ongoing project for Google for some time with their Project Loon.

The satellites to be used in this sort of project would offer high-speed Internet access to rural areas, and give Internet access to three billion people who currently only have poor access. Musk explained that sending data over satellites will be far faster than having it sent over wires that jump from router to router until it arrives at its destination. Musk also hopes to create a SpaceX Internet connection to Mars too, but that’s another story..

Musk has said that you should not expect this initiative to be active “sooner than five years,” and that the project will likely cost around $10 billion, which wile Google and Fidelity’s investments will help, it may only be enough to get the first satellites off the ground.

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