- Parabolic Arc
- March 21, 2023
Google Invested $900 Million in SpaceX
Google invested $900 million of the approximately $1 billion in new funds raised by SpaceX last month, according a document the company filed with the Securities & Exchange Commission (SEC) on Monday. This means that Fidelity Investments contributed the other $100 million.
In the filing, Google said it invested the funds “to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.” The money is believed to be focused on a plan to launch 4,000 satellites to provide global broadband coverage.
Google is already experimenting with this technology in Project Loon, which uses high altitude balloons to delivery Internet to remote areas.
“Loon has helped students in Brazil and farmers in New Zealand experience the power of an internet connection for the first time,” the company said in its filing. “And as the program expands, we hope to bring this to more and more people — creating opportunities that simply did not exist before for millions of people, all around the world.”
Google also discussed its $478 million acquisition of Skybox Imaging.
“We expect the acquisition to keep Google Maps accurate with up-to-date imagery and, over time, improve internet access and disaster relief,” the company said. “Of the total purchase price of $478 million, $6 million was cash acquired, $69 million was attributed to intangible assets, $388 million was attributed to goodwill, and $15 million was attributed to net assets acquired. The goodwill of $388 million is primarily attributable to the synergies expected to arise after the acquisition. Goodwill is not expected to be deductible for tax purposes.”