(CBS SF) -- SpaceX founder and CEO Elon Musk confirms plans to launch a fleet of small satellites to deliver low-cost Internet access around the world.
A full announcement is expected to come in two to three months, but in the meantime, Musk tweeted this:
Musk followed up with more detail on the purpose of the micro-satellite system, clarifying it would lead to "unfettered" internet access for the masses "at very low cost."
Rumor first circulated about SpaceX's possible plans to launch as many as 700 satellites last week. The Wall Street reported the machines would weigh less than 250 pounds and could cost about $1 billion or more to build. But Musk later tweeted the article was wrong on several important points.
SpaceX could have some competition from Facebook and Google, according to CNET. The Silicon Valley giants are also trying to deploy satellite-based systems to expand world-wide Internet access. In March, Facebook said it was exploring how to use "drone, satellites, and lasers to deliver the Internet to everyone."
Last year, Google tested stratospheric balloons to launched last year testing high-altitude balloons, providing Internet access to regions of the world without it.
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