Both SpaceX and OneWeb are going head-to-head to establish an infrastructure of satellites that can offer high-speed and low-latency internet access to remote or rural locations around the world.
SpaceX, which was founded in 2002 by multi-billionaire Mr Musk, is already providing high-speed broadband to customers in the UK via its Starlink satellites.
Starlink has a total of 1,378 satellites that operate in low-Earth orbit at an altitude of 550km.
Last month, NASA signed a deal with SpaceX to ensure the US space agency is given right of way of rival space traffic.
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