Today SpaceX confirmed a new $1 billion funding round led by Google and Fidelity. Collectively, SpaceX said, Google and Fidelity will own “just under 10% of the company.”

The deal values SpaceX at over $10 billion, confirming earlier reports.

In a sparse press release, the company teased that its new capital “will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.” But according to the Information, Google has a more specific goal: “to support the development of SpaceX satellites that could beam low-cost Internet around the globe to billions who don’t have it.”

Here’s SpaceX’s announcement, in full:

Space Exploration Technologies (SpaceX) has raised a billion dollars in a financing round with two new investors, Google and Fidelity. They join existing investors Founders Fund, Draper Fisher Jurvetson, Valor Equity Partners and Capricorn. Google and Fidelity will collectively own just under 10% of the company.

SpaceX designs, manufactures, and launches the world’s most advanced rockets and spacecraft. This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.

In other news, you can watch SpaceX’s Falcon 9 explode in a crash landing via Vine:

“Close, but no cigar. This time,” said SpaceX.

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