The X-Prize was inspired by historical aviation prizes and aimed to stimulate the commercial space industry. Peter Diamandis, influenced by Charles Lindbergh's transatlantic flight, established the prize to encourage affordable space travel. The $10 million prize required contestants to launch a manned spacecraft to 100 kilometers altitude and repeat the flight within two weeks, without government funding. Burt Rutan's SpaceShipOne, funded by Paul Allen, won the prize by completing two successful flights in 2004, marking a significant milestone in commercial spaceflight. This achievement led to increased interest and investment in space tourism and the development of new space technologies.
Inspired by the story of Charles Lindbergh, entrepreneur Peter Diamandis saw an opportunity to revolutionize space travel. He envisioned using cash prizes, similar to those that had spurred on the commercial aviation industry, to make space exploration more accessible and affordable. This led to the conception of the X-Prize, aimed at encouraging the development of commercial spaceflight. Diamandis determined that the prize should be substantial enough to draw attention and stimulate the nascent commercial space sector, yet achievable with current technology. He settled on a $10 million prize for the first team to complete a suborbital flight. The challenge involved launching a spacecraft with three people to an altitude of 100 kilometers and returning them safely to Earth, then repeating the feat within two weeks. This required the spacecraft to reach speeds of Mach 3, incorporate a rocket engine for the final ascent, have a life support system, maneuvering thrusters for reentry, and be durable enough to withstand the intense conditions of Mach 3 travel and be reusable for a subsequent launch within the two-week timeframe. With the prize and criteria set, Diamandis, alongside partner Byron Lichtenberg, founded the X-Prize Foundation. They also enlisted Erik Lindbergh, Charles Lindbergh's grandson, as a spokesperson and trustee. The foundation was officially launched at an event at the St. Louis Science Center on May 18, 1996, with notable figures such as Buzz Aldrin and NASA chief Dan Goldin endorsing the initiative as a "noble venture." This marked the beginning of a new era in space exploration, aiming to inspire private innovation and make space travel accessible to more than just government agencies.
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