SpaceX has completed a new 'Series E' funding round at a $10 billion valuation, its first funding round since Dec. 2012.

Elon Musk's space company has been able to make it through 2013 and 2014 without any funding through NASA contracts and other acquisition of its rockets.

The new funding round is lead by Google, who reportedly invested most of the $1 billion. Valor Equity Partners, DFJ, Founders Fund and Fidelity Investments are also noted as investors.

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Google is primarily interested in SpaceX's commitment to low-orbit satellites, capable of providing large-scale broad internet access. Google is also working on its own satellite venture through SkyBox Imaging, which it acquired for $500 million in 2014.

SpaceX's work could influence Google's design decisions when it comes to Project Loon as well, its balloon satellite project to send internet to the most undeveloped regions.

Low-cost internet is a real market everyone wants to be in, with Virgin Galactic and Qualcomm investing in OneWeb's satellite constellation program, something Elon Musk claims is not as efficient or consistent as SpaceX's own satellite program.

Of course this is only part of SpaceX's goals, the main one being the colonization of Mars. SpaceX is working on making its rockets completely reusable for missions to the Moon, Mars and any asteroids.

In interviews, Musk has confirmed SpaceX is primarily focused on colonization, and does not see tourism or space/planet mining as particularly interesting businesses for Earth.

Google's CEO Larry Page holds Musk in high regard, claiming he would rather donate his money to fund more of Musk's ideas than give to charity.

TagsElon Musk, SpaceX, space exploration, Mars, low-orbit satellite