New space race gets down to business

Tech savants in the race
Plenty of other tech savants are also turning their attention to spacecraft manufacturing. Amazon.com co-founder and CEO Jeff Bezos is bankrolling Blue Origin, which aims to design and build small sub-orbital vehicles. Legendary videogame designer John Carmack — creator of games like Doom and Quake, and founder of id Software — owns rocket-technology startup Armadillo Aerospace. And Google co-founder Larry Page has joined the board of the X Prize Foundation, which is now planning a series of new contests to encourage research and development.

Of course, even if both entrepreneurs and aerospace giants produce revolutionary new space vehicles, there's still nowhere for them to go. Pleasure flights would last just a few hours and don't hold much promise for repeat business. But what if space contained a destination that could justify the expense and attract visitors for days or weeks?

That's the question being addressed by Robert Bigelow, owner of the Budget Suites of America hotel chain. His venture, Bigelow Aerospace, is using technology originally developed by NASA to develop inflatable habitats, each one of which could be shipped into space, blown up to about the size of a three-bedroom house and connected to a structure such as the international space station.

"I think Bigelow could be the sleeper success of space tourism," says Whitesides. "He's recognized that a key component of space tourism ultimately will be the destination, and that's something that really no one else at his level has thought about."

Rockets for couch potatoes
Don't feel up to making the trip yourself? No worries: You'll be able to get a taste of the excitement without leaving your couch. The Rocket Racing League plans to pair off high-powered rocket planes in a high-speed, 3-D chase through the skies — think NASCAR meets "Star Wars." The effort, which is being put together by Peter Diamandis, chairman and CEO of the X Prize Foundation, and Granger Whitelaw, a venture capitalist and partner in two winning Indianapolis 500 racing teams, is currently developing rocket-powered aircraft with Mojave, Calif.,-based XCOR Aerospace. They plan to demo the first rocket races this October at the X Prize Cup in Las Cruces, N.M. (see "Rocket Racing League" video).

Of course, there's no evidence any of these entrepreneurs will be able to make their dreams a reality. The space industry of 2006 is like a rocket about to launch on its maiden voyage — nobody knows whether it will take off or just blow up on the pad. Space tourism in particular has lots of critics. "The reality is that space tourism is just not cost-effective right now — it's a limited market, and it's fraught with risk," says aerospace-industry analyst Howard Rubel of Jefferies and Co.

But if nothing else, these new efforts show signs of life and excitement in the space business — something sorely missing since the summer of 1969.

"The exciting thing about this moment is that you not only have the promise of new markets, you have credible players putting significant capital into them," says Whitesides. "That's a real sign of development in the world of space."

MORE FROM FORBES

Forbes Section Front

World's most expensive homes Will Ferrell is Hollywood's most overpaid star Dirtiest vehicles on America’s highways The worlds most powerful people The key to dealing with lousy boss: negotiation IRS rules for medical deductions are sickening Tailgate much? These are the rides you need What automakers have in store for 2010 Top-earning dead celebrity? Not Jackson Need to fire someone? Here’s what to do Forbes Section Front