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Virgin Galactic, the world's first commercial spaceline, announced "LauncherOne", a new air-launched rocket specifically designed to deliver small satellites into orbit.
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With substantial funding already raised from Virgin Galactic's partner aabar Investments PJS, and with commercial flights of this new orbital launch vehicle expected to begin by 2016, Virgin Galactic plans to offer frequent launches at lowest prices.
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Virgin Galactic Founder Richard Branson revealed that the company has now accepted deposits for suborbital flights on SpaceShipTwo from 529 future astronauts.
Branson hopes to fly along with son Sam and daughter Holly in the SpaceShipTwo (SS2) aircraft by the end of 2013.
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"Virgin Galactic's goal is to revolutionise the way we get to space," Branson said. LauncherOne will be a two-stage vehicle capable of carrying up to 500 pounds (225 kilograms) to orbit for prices below $10 million.
The rocket will be launched from Virgin Galactic's proven WhiteKnightTwo, the uniquely capable aircraft also designed to carry SpaceShipTwo aloft to begin her suborbital missions.