Google Inc. is close to investing roughly $1 billion in Space Exploration Technologies Corp. to support its nascent efforts to deliver Internet access via satellites, according to a person familiar with the matter.

The investment would value SpaceX, backed by Tesla Motors Inc. TSLA, +4.42% Chief Executive Elon Musk, at more than $10 billion according to this person. It isn’t clear what exact stake Google GOOG, -2.37% GOOGL, -2.41% could end up with in the fast-growing space company.