Google is investing $1bn in this mega outerspace-internet project

It sounds like something out of Austin Powers.

The company that is more or less the god of the internet is reportedly investing $1bn in a project that aims to develop and launch satellites that can beam internet access across the planet.

Welcome to the 21^st century, I guess.

US news site The Information is reporting that Google is “close” to investing in Elon Musk’s Space Exploration Technologies Corp (known as SpaceX), citing people close to the deal.

The deal would value Space X at more than $10bn, The Information reports.

Jessica E Lessin writes: “The purpose of the 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.”

A separate story from the Wall Street Journal says that Google’s investment in SpaceX will be around the $1bn mark, according to someone close to the matter.

The WSJ’s source also says the deal would value SpaceX at around $10bn.

SpaceX has thus far declined to comment.

What is SpaceX?

SpaceX’s website explains that it “designs, manufactures and launches advanced rockets and spacecraft”.

Its ultimate ambition? Just the humble task of “enabling people to live on other planets”.

The company was founded in 2002 by Elon Musk, the founder of car-maker Tesla and and co-founder of PayPal, among other ventures.

SpaceX already holds the accolade of being the first and only private company to launch and successfully return a spacecraft into low-Earth orbit, which it achieved in 2010.

Two years before, it received a $1.6bn contract from NASA to resupply the International Space Station.

Watch this space. Literally.

Follow @sophiehobson