SpaceX today confirmed yesterdays reports that it has embarked on a new round of fundraising. The round includes two new investors, Google and Fidelity investments.

The total investment of the two companies is one billion dollars, which SpaceX says means that Google and Fidelity will collectively own just under 10% of the company. That gives the space startup a total valuation of over $10 billion. According to SpaceX, this funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.

CEO Elon Musk announced earlier this month that the company is going to be investing in a satellite internet startup to provide high-speed internet to people on Earth, and also provide the backbone for the internet to eventually reach Mars. That announcement came shortly after Richard Bransons Virgin Group announced a joint investment with Qualcomm into internet satellite company OneWeb.

SpaceX has already made one successful launch this month of its Dragon spacecraft to the International Space Station, delivering supplies, cargo and scientific experiments. Its next launch is scheduled for February, when a Falcon 9 rocket will deliver the Deep Space Climate Observatory, which is geared towards real-time monitoring of solar wind. The monitoring helps develop space weather forecasts to help protect infrastructure points from radiation.

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SpaceX Raises $1 Billion In A Financing Round With Google And Fidelity