In partnership with French-based provider Eutelsat, Facebook hope the first satellite will be launched in 2016.
"We're going to keep working to connect the entire world -- even if that means looking beyond our planet," Mark Zuckerberg said in a Facebook post.
The project is part of Facebook's Internet.org project, which has come under fierce criticism in some countries.
In some areas, particularly India, businesses reacted angrily to the plans saying it gave Facebook, and its partners, an unfair advantage in developing internet markets.
Internet.org is experimenting with different ways of providing internet to hard-to-reach places. Recently, the company told of how it was planning to use a custom-built drone to beam down connectivity.