By Daniel Hunter

Google and Fidelity Investments have invested $1bn (£659m) in Space Exploration Technologies (SpaceX).

The deal valued SpaceX at $10bn, with Google and Fidelity owning just under 10% of the company. SpaceX said the funding would go towards satellite manufacturing and development of innovations in space transport.

Tech analysts have suggested that Google's motivation behind the deal is to increase internet coverage in remote parts of the world.

Elon Musk, the billionaire founder of SpaceX, has previously spoken about using satellites to improve internet coverage around the world and his ultimate goal of colonising Mars.

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