Space Exploration Technologies Corp., the rocket maker run by billionaire Elon Musk, said that Google Inc. and Fidelity Investments have invested $1 billion that will give them a combined stake of almost 10 percent.
The money gives SpaceX cash as it explores new ways to connect people to the Internet. Mountain View, California-based Google is also racing to spread Internet access as it looks for new ways to boost its user base and sell more digital advertising. By teaming up with SpaceX, Google would be seeking to gain an edge over rivals such as Facebook Inc., which is working on projects to deliver Internet service to underserved regions by building drones, satellites and lasers. WorldVu Satellites Ltd., backed by Qualcomm Inc. and Virgin Group, has begun a similar effort.