Space travel was once a treasure trove of science fiction. But if you can afford the price, space travel is becoming more and more viable, says Relevance's Joanna Lewis.
Space travel is a new frontier for ultra-high net worth individuals (UHNWI), giving the world's wealthiest travelers the opportunity to see life on Earth from a whole new perspective.
Commercial flights to space are becoming increasingly common, with Virgin Galactic, SpaceX, Blue Origin and Space Adventures leading the space travel race. But space travel remains the province of the world's wealthiest individuals, and space tourism companies focus their marketing efforts on the ultra-rich and billionaires.
The space travel market is expected to reach a value of US$3 billion (£2.4 billion) by 2030, according to research by UBS. This is not surprising considering that the world's UHNW population in 2022 is 395,070, according to Wealth-X. Total assets are $45.43 trillion. The total population of billionaires is 3,194, with a total wealth of $11.107 trillion.
Space travel not only adds an exciting dimension to the vacation destinations of the ultra-wealthy, but also provides a lucrative market for successful space tourism companies.
what are the different types Space travel?
There are several different types of space travel, including orbital, suborbital, and lunar space travel. Currently, space travel is primarily focused on orbital and suborbital space.
Suborbital space travel is when a spacecraft reaches space but does not break through the gravitational boundary. Currently, space travel is dominated by suborbital spaceflight, with space tourism companies Virgin Galactic and Blue Origin dominating this market. Suborbital flights typically reach altitudes of about 100 miles, giving passengers the opportunity to stay in space for just a few minutes and experience microgravity.
Orbital space tourism involves spacecraft reaching orbit and passengers spending up to a week in orbit around the Earth. Currently, SpaceX and Space Adventures are the only companies offering orbital space travel.
Who are the key players in Space travel?
The major companies at the forefront of the race to bring space tourism to the masses are Virgin Galactic, Blue Origin, and SpaceX.
Virgin Galactic was founded in 2004 by British entrepreneur and billionaire Richard Branson. It launched its first commercial spaceflight solely for research purposes in June 2023, carrying three passengers from the Italian Air Force and the National Research Council.
The company carried its first paying space tourist aboard Galactic O2 on August 10, 2023. The space flight launched from New Mexico and had three passengers: mother and daughter Keisha Shahaf and Anastasia Meyers, and 80-year-old John Goodwin. The former Olympian – traveled to the edge of space and back, reaching a peak 55 miles above Earth and lasting a total of 72 minutes.
Virgin Galactic currently offers spaceflights on a monthly basis and claims to be the leading company in space travel. Each flight can carry three paying passengers and one accompanying astronaut.
Aerospace company Blue Origin was founded in 2000 by American billionaire Jeff Bezos. Bezos traveled to space aboard Blue Origin's New Shepard rocket in 2021, calling his experience “the best day ever.” His journey into space lasted 10 minutes and 10 seconds and was Blue Origin's first manned flight. Also on the flight were aviation pioneer Wally Funk and the youngest space traveler, 18-year-old Oliver Damen.
SpaceX is owned by billionaire Elon Musk and was founded in 2002. In 2021, SpaceX's Falcon 9 rocket, the first orbital-class rocket capable of reflying, successfully flew four passengers into orbit 363 miles above Earth. A year later, the company teamed up with Axiom Space to take four passengers to the International Space Station, where they spent more than a week. The passengers reportedly paid $55 million each for the trip.
SpaceX is the only space tourism company that sends civilians into orbit and to the International Space Station. To date, the Falcon 9 rocket has made her 299 launches, 257 landings, and 231 re-flights. SpaceX's Starship is the world's most powerful launch system and in the future should be able to carry up to 100 people on long-duration interplanetary flights.
Although space travel has made headlines over the past few years as the space tourism industry is poised to become more accessible, space travel has been around for decades. In fact, American businessman Dennis Tito became the first space tourist in 2001, visiting the International Space Station while accompanying two Russian astronauts on a resupply mission. The trip reportedly cost US$20 million.
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How much is it journey to space Fee?
The cost of space travel has decreased dramatically since Tito's trip. However, it can vary widely depending on the type of flight (suborbital vs. orbital) and company.
For example, a Virgin Galactic ticket costs $450,000. But even those with a lot of money have to join a long waiting list of 800 people.
Blue Origin does not publish airfares. But according to a space traveler who booked a flight with Blue Origin in 2021, he reportedly paid US$28 million, although he later had to skip the flight due to “scheduling conflicts.”
The cost of space travel is currently prohibitive for all but the world's wealthiest individuals, but as technology advances and space travel companies reach economies of scale, space travel becomes more affordable for more people. There is no doubt that it will be affordable.
what's next Space travel?
Not only are commercial flights becoming more regular and more affordable, space tourism companies are already setting their sights on long-term stays in space. In 2018, the galaxy experience company Orion Span launched a plan for long-term stays at Aurora Station, a luxury space hotel on the moon. The experience reportedly could set the traveler back his $9.5 million.
