Google will reportedly shell out more than $1 billion for a fleet of satellites that will orbit the Earth in an effort to provide Internet access in under-served areas.

According to the Wall Street Journal, which cited unnamed sources, the high-flying venture will initially launch 180 small, high-capacity devices, rotating at lower altitudes than typical satellites.

Details are sparse, but the Journal said the project will be spearheaded by Greg Wyler, the founder of satellite-communications company O3b Networks who recently joined Google. Google also hired engineers from satellite manufacturer Space Systems/Loral (SSL), the paper said.

Still in the early stages, the task could cost upwards of $3 billion, depending on its final design and future expansions, the Journal said.

"Internet connectivity significantly improves people's lives. Yet two thirds of the world have no access at all," a Google spokesman told PCMag. "It's why we're so focused on new technologies—from Project Loon to Titan Aerospace—that have the potential to bring hundreds of millions more people online in the coming years."

SSL did not immediately respond to a request for comment.

There is no word on how, if at all, orbiting satellites will coincide with Google's Project Loon (pictured), which floated 30 balloons into the sky, with the intent of bringing Web access to remote corners of the globe.

Initially launched in New Zealand almost one year ago, Project Loon in April announced that one of its balloons circumvented the globe in a record 22 days, beating the forecasted 33 days per trip.

Google will presumably continue Project Loon as it develops a satellite system, which, according to the Journal, will provide more flexibility and greater capacity than balloons. For a higher price, of course.

Eventually, the Web giant hopes to expand its work to cover the globe with sub-250-pound satellites, promising Internet-surfing capabilities for all.

Also in the race to connect the world is Facebook's Connectivity Lab, which is taking a similar approach by developing new platforms "on the ground, in the air and in orbit." With the help of experts from NASA's Jet Propulsion Lab and Ames Research Center, the National Optical Astronomy Observatory, and U.K.-based Ascenta, the social network is eyeing solar-powered Web-broadcasting drones to bolster its Internet.org outreach program.

Editor's Note: This story was updated at 11:10 a.m. Eastern with comment from Google.