Billionaire entrepreneur Elon Musk has announced that he is developing small and more affordable satellites that could provide Internet coverage around the world.

The communications satellites would weigh less than 250 pounds, about half the size of the smallest communications satellites currently in commercial use, the Wall Street Journal reported.

About 700 of these satellites are expected to be launched, which is 10 times the size of the largest current satellite constellation managed by Iridium Communications Inc., according to the Wall Street Journal.

It is estimated that it would cost $1 billion or more to develop the project. SpaceX would likely launch the satellites, however no agreement is in yet place, the Wall Street Journal reported.

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