Italy’s Intesa Sanpaolo says it will invest in SpaceX

Italy’s biggest bank Intesa Sanpaolo (BIT:ISP) said on Friday it had decided to invest in US billionaire Elon Musk’s space company SpaceX.

Intesa (LON:0HBC) Sanpaolo recognizes “the aerospace sector as having a particularly important role in the development of world economies and has therefore decided to invest in a player that has demonstrated a cutting-edge vision of the near future”, the bank said in a statement.

The size of the investment was not disclosed.