"In Musk’s vision, Internet data packets going from, say, Los Angeles to Johannesburg would no longer have to go through dozens of routers and terrestrial networks. Instead, the packets would go to space, bouncing from satellite to satellite until they reach the one nearest their destination, then return to an antenna on earth. 'The speed of light is 40 percent faster in the vacuum of space than it is for fiber,' Musk says. “The long-term potential is to be the primary means of long-distance Internet traffic and to serve people in sparsely populated areas."
"Elon Musk's SpaceX has raised $1 billion from Google and Fidelity... the two new investors will now own just less than 10% of the company. SpaceX had previously raised $245.5 million in funding, according to CrunchBase, meaning this new round is more than four times bigger than all its other rounds combined. The company is now valued at more than $10 billion, according to The Journal. "