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Elon Musk snowed under with Googley dollars for Space Internet

Ad giant now owns hefty chunk of rocket firm

SpaceX has confirmed a meaty injection of cash from Google and Fidelity, after it was reported that the ad giant was closing in on an investment deal of up to $1bn with Elon Musk's firm.

It means that Google and Fidelity now "collectively own just under 10 per cent of the company," SpaceX said in a brief statement, without disclosing the exact amount of money Mountain View slung on the pile.

Google and Fidelity join existing investors Draper Fisher Jurvetson, Valor Equity Partners and Capricorn.

It's understood that SpaceX needed the extra cash to bulk up funding of the private company's development of satellites for internet-based services.

The race for Interwebs Innn Spaaaace has heated up in the past week. Richard Branson's Virgin Group recently agreed to back OneWeb Ltd's vision for a fleet of broadband-beaming, low-earth orbit satellites, along with Qualcomm. ®

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