Report: Google in talks to invest in SpaceX, boosting Seattle-based satellite initiative

February 23, 2017 – 08:15 pm

Google CEO Larry PageGoogle is close to making an investment in Elon Musk’s SpaceX, with the intent of supporting the commercial space company’s new Seattle-based satellite Internet initiative, according to a report by The Information this morning, citing people familiar with the talks.

The deal, if it happens, would create a powerful alliance between two companies aiming to spread high-speed Internet around the world.

Maybe it shouldn’t be a surprise: Google CEO Larry Page has spoken highly of Musk in the past, telling Charlie Rose last year that he would rather leave his money to the SpaceX founder than to a non-profit philanthropy. Page cited Musk’s goal of establishing a Martian colony to “back up humanity” — which is one long-term aim of the satellite Internet project.

Musk announced SpaceX’s satellite broadband initiative on Friday evening at a private event in Seattle, telling a crowd of 400 people that the company wants to revolutionize the satellite industry in the same way it has shaken up the commercial rocket business.

The ultimate goal, Musk says, is to use the technology and revenue from the satellite Internet initiative to fund the establishment of a city on Mars. But first the company will create a network of satellites in low-Earth orbit.

Elon Musk“The focus is going to be on creating a global communication system, ” Musk said at the event.

He added, “This is quite an ambitious effort. In the long term, it will be like rebuilding the Internet, in space. The goal will be to have a majority of long-distance Internet traffic go over this network, and about 10 percent of local consumer and business traffic. Still, 90 percent of people’s local access will still come from fiber, but we’ll do about 10 percent business and consumer direct, and more than half of the long-distance traffic.”

Musk estimated that the satellite constellation, ultimately encompassing more than 4, 000 satellites, will take $10 billion to $15 billion to create. But in the short run, he said, there are no plans for an IPO.

“We won’t take SpaceX public for quite a long time, ” he said. “What I’ve said is, when we’re doing regular flights to Mars, that might be a good time to go public. But not before then, because the long-term goals of SpaceX are really long term.”


Source: www.geekwire.com

You might also like:

SoCal-Based SpaceX Launches First-Ever Deep Space Mission
SoCal-Based SpaceX Launches First-Ever Deep Space Mission ...
SpaceX launches first commercial cargo mission to
SpaceX launches first commercial cargo mission to ...

Related posts:

  1. Where is SpaceX in Seattle?
  2. Where did SpaceX Land?
  3. Where is SpaceX in Texas?
  4. Where did SpaceX landing?
  • avatar Where did the mayflower land?

    • Contrary to popular belief, the Mayflower did not land at
      Plymouth Rock; it landed in what is now Massachusetts, possibly at
      Cape Cod. The Puritans (pilgrims) only established a colony at
      Plymouth.