The private rocketry company founded by Elon Musk, SpaceX, announced Tuesday that it raised $1 billion in funding from investors. Google and Fidelity were included among those investors, and they will collectively own 10 percent of SpaceX.

Rumors that SpaceX would receive big investments began late Monday when The Information broke the news citing anonymous sources. They also reported that the new deal would make the value of SpaceX rise to $10 billion.

The investment will provide benefits for both parties. It will aid in Google’s attempt to gain access to satellite Internet in remote places, and it will give SpaceX the capitol it needs to further expand its emerging satellite business. SpaceX said that the $1 billion will go toward support for innovation in satellite manufacturing, reusability and space transport, according to an official statement on their website.

But Wired stated that Google’s involvement has led many to believe that most of the funding will be used for Musk’s new satellite venture he announced last week. Musk’s vast project, which involves hundreds of satellites, would connect people on Earth and on Mars–once they get there–to the Internet. The cost of the project stands at about $10 billion. Musk told Businessweek that his goal was to create a global communications network that would be bigger than “anything that has been talked about to date.”

Don Harrison, Google’s vice president for corporate development, is set to join the SpaceX board, according to a Google spokesman. The New York Times reported that Harrison expressed his excitement about working with the company. He added that imaging satellites and other space-based applications help people gain access to “important information” with ease. So, Google wants to support SpaceX’s growth as they continue to develop new technologies.

Like SpaceX, Google may also be looking to be in orbit. Google purchased Skybox Imaging in 2014, a high-resolution imaging satellite creator, for nearly $500 million. Google could also be interested in exploring satellites with sensors that have the ability to reveal underlying terrain or the health of crops.

Larry Page and Sergey Brin, the founders of Google, have also mentioned space exploration on personal levels. At the start of the company, employees were offered lectures on developing “space elevators” that could launch objects from Earth for much cheaper than rockets.

Additionally, the company has expressed an interest in high-altitude balloons that people could use to connect to the internet in secluded locations. Google is in competition with Facebook, which is also expressing interest in new means of connectivity. In 2014, Facebook purchased a drone company that could potentially carry methods of connectivity.

Recently, Google hit a bump when they lost their leader of satellite efforts Greg Wyler, who left to start his own venture called OneWeb. Wyler took with him his expertise and some spectrum that Google would need for satellite projects. Though SpaceX cannot replace what Google lost when Wyler left, Musk is looking at using a laser-based workaround for a satellite network that would lead to faster internet speeds.

Richard Branson, one of Wyler’s investors, has doubted Google’s investment in SpaceX publicly. He told Businessweek that Musk should link with OneWeb if he is looking to get into this area because “there physically is not enough space” for another network.