• 19 hours Cannabis Sales Are Soaring In The United States
  • 2 days Biden Will Be A Boon For Solar Stocks
  • 3 days The Shroom Boom Is Here To Stay
  • 6 days The Gold Rally Has Finally Run Out Of Steam
  • 6 days Citibank Analyst Predicts $300k Bitcoin By End Of 2021
  • 9 days Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 9 days 14 Million People Will Lose Unemployment Benefits On December 31st
  • 11 days Why 12 Million American Millionaires Isn’t Good News
  • 12 days Big Oil Is Paying The Price For Investing In Renewables
  • 13 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 14 days Did Amazon Just Democratize Prescription Drugs?
  • 15 days The Private Space Race Just Got Very Real
  • 17 days Short Sellers Are Willing Big In This Turbulent Market
  • 18 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 19 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 20 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 21 days Black Friday Could Be Retailers’ Only Hope
  • 22 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 23 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 25 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
COVID-19 Is A Hacker’s Paradise

COVID-19 Is A Hacker’s Paradise

Phishing attacks, the most prevalent…

How Blockchain Tech Could Make Mergers And Acquisitions More Efficient

How Blockchain Tech Could Make Mergers And Acquisitions More Efficient

Blockchain technology is shaping and creating…

The Streaming War Has Gone Global

The Streaming War Has Gone Global

With millions of people stuck…

Fred Dunkley

Fred Dunkley

Writer, Safehaven.com

Fred Dunkley is a tech analyst, writer, and seasoned investor. Fred has years of experience covering global markets and geopolitics. 

Contact Author

  1. Home
  2. Tech
  3. Tech News

The Private Space Race Just Got Very Real

SpaceX

The space race is heating up again with the launch by Elon Musk’s SpaceX, in partnership with NASA, the first manned mission to the International Space Station on Sunday.

Sunday night, four astronauts were shot into orbit atop a SpaceX Falcon 9 rocket for a 27-hour voyage to the International Space Station. The three NASA astronauts and one from the Japanese Aerospace Exploration Agency will be joining two Russians and one American who flew to the space station last month.

SpaceX has signed contracts with NASA valued $3 billion to develop, test and fly an astronaut taxi service. The agency said it is now entering a new era in which routine astronaut journeys to low-Earth orbit are being conducted by commercial providers.

In the next 15 months, SpaceX should be flying roughly seven Dragon missions for NASA, both crew and cargo in a commercially developed Crew Dragon capsule. 

Both U.S. President Donald Trump and President-elect Biden praised the launch, even if in contrasting tones. 

President-elect Biden congratulated both NASA and SpaceX for the launch and wished the crew well.

"It’s a testament to the power of science and what we can accomplish by harnessing our innovation, ingenuity, and determination. I join all Americans and the people of Japan in wishing the astronauts Godspeed on their journey," Biden said on Twitter.

President Trump, on the other hand, took the occasion to self-congratulate. 

“A great launch! NASA was a closed up disaster when we took over. Now it is again the ‘hottest’, most advanced, space center in the world, by far,!" Trump tweeted.

In May, SpaceX ran a demonstration mission in which two astronauts were taken to the ISS and then returned to Earth. 

Both SpaceX and Boeing have been developing spacecraft to take over the job of crew transport from Nasa. However, Boeing is at least a year behind Musk. 

Boeing's Starliner spacecraft development is still delayed because of major software issues from last year and the company hopes that it could be in operation next year.

More importantly, the companies will also be able to use their vehicles to fly tourists, private researchers or anyone else who can afford the ticket.

The global space industry is expected to generate revenue of $1.1 trillion or more in 2040, up from the current $350 billion, according to a recent report by Morgan Stanley estimates.

However, Musk is not the only billionaire in the space race that will go beyond just sending up astronauts. 

SpaceX is racing with Richard Branson’s Virgin Galactic Holdings and Jeff Bezos's Blue Origin to be the first company to send fee-paying passengers into space. 

Last October, Virgin Galactic became the first space tourism company to hit public markets after listing on the New York Stock Exchange. The move follows the company’s merger with Social Capital Hedosophia Holdings, setting up the space tourism company to list directly on the NYSE on Monday.

More than 600 people in over 60 nations have spent roughly $80 million to reserve seats on Branson's rocket ships in hopes of being the first to gain access to this unique new service.

Bezos’s Blue Origin space venture is working on a landing system that could put astronauts on the moon by as early as 2024.

More evidence that the space race is truly heating up can perhaps also be gleaned from stock movements Monday following SpaceX’s Sunday launch. 

Virgin Galactic closed down over $6 lower.

By Fred Dunkley for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment