Google Might Invest In Elon Musk's SpaceX

Google might be ready to invest "very big" in Elon Musk founded SpaceX, according to a new report. The Space Exploration Technologies Corporation (SpaceX) is valued above $10 billion.

"The purpose of a deal, which is still in the works is to support the development of SpaceX satellites that could beam low-cost Internet around the globe to billions who don't have it," noted a report on The Information.

The news follows after Musk unveiled a concept on Friday: connecting millions of people around the world with low-cost Internet by deploying satellites.

"The long-term potential is to be the primary means of long-distance internet traffic and to serve people in sparsely populated areas," Musk Said.

Google has also pursued its own initiatives to bring Internet connectivity to people under-served areas. One such initiative was Project Loon that intended to provide Internet via balloons.

Facebook is also exploring ways to increase connectivity. The social network has backed internet.org and its Connectivity Lab is working on drones that could one day beam Internet into areas in need.

Google, market capitalization of $344.66 billion, could use SpaceX technology behind satellites, rockets, launch systems, and much more and can accelerate its mission to spread Internet connectivity around the world.