Elon Musk's spacecraft and rocket company SpaceX raises $1B; Google, Fidelity are investors

IndustriesAssociated Press

SpaceX says it has raised $1 billion and added Google Inc. and Fidelity as investors.

The California company, founded by billionaire Elon Musk, says the Internet search giant and financial services company together will own just under 10 percent of the business.

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SpaceX designs and makes rockets and spacecraft. It was founded in 2002 with the ultimate goal of enabling people to live on other planets.

Its spacecraft has been used to deliver goods to the International Space Station.

Space Exploration Technologies says it plans to use the funds from its latest financing round to continue innovation.