Google Plans Major Investment In SpaceX : Report

(RTTNews) - Google Inc. (GOOG, GOOGL) is close to major investment in rocket maker SpaceX, creating a formidable alliance in Silicon Valley's accelerating Internet space race, tech blog The Information reported citing people familiar with the matter.

The report noted that 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.

According to the report, the price and terms Google and SpaceX are discussing couldn't be learned although one person familiar with them said Google has agreed to value SpaceX north of $10 billion and that the size of the total round, which includes other investors, is very large.