BEIJING, Jan. 21 -- Space Exploration Technologies (SpaceX), founded by Elon Musk, announced it has raised 1 billion U.S. dollars from Google and Fidelity in the latest round of funding, according to media reports on Wednesday.

The money will be used to continue research in space transport, reusability, and satellite manufacturing.

One of its projects involves creating a satellite network to broaden the reach of Internet access around the world.

Media reviews said there's a vast, untapped potential in connecting the estimated more than 3 billion people who still aren't on the Internet. These are customers who could be shopping, clicking on advertisements and posting on social media.

Google and Fidelity will collectively own just under 10 percent of SpaceX, joining existing investors Draper Fisher Jurvetson, Founders Fund, Valor Equity Partners and Capricorn.