Google (GOOG,GOOGL) may be planning to invest in SpaceX.
The reason that Google may be interested in investing in SpaceX is the company’s plans to build a new satellite system to distribute internet across the world. The plan is estimated to cost anywhere from $10 billion to $15 billion and could provide high-speed internet to people living in developing countries, reports The Los Angeles Times.
Google has been looking to bring internet to developing areas for several years. The company has worked on several projects to do this, including using balloons, and world-wide, high-speed internet would also get more users of its services, L.A. Times notes.
The amount that Google may invest in SpaceX is $1 billion. Elon Musk, CEO of SpaceX, has been working on a way to use different methods of transmission for data. OneWeb is working on a similar satellite project as SpaceX and Richard Branson, who has invested in the project, has asked Musk to join them on the project, reports Fortune.
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