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Google, Fidelity Make $1 Billion Bet on Elon Musk's SpaceX

It's an intergalactic realignment of alliances (well, kind of).

SpaceX

Google and Fidelity are investing $1 billion in Elon Musk’s rocket company, SpaceX, at a $10 billion valuation.

The move comes on the heels of SpaceX’s announcement that it would expand into satellite Internet access, an area Google is keenly interested in.

It’s an intergalactic realignment of alliances (well, kind of). Last week, Virgin and Qualcomm Group invested in a similar low-orbit satellite Internet effort called OneWeb that is led by Greg Wyler, who had left a role working on such projects at Google.

SpaceX said it sold just under 10 percent of the company in the round, which was first reported by The Information.

This article originally appeared on Recode.net.