The X-Prize Foundation has been established to find private benefactors to provide $10 million funding to award to the first private team to build a re-usable spacecraft to carry three people on a sub-orbital spaceflight, "...doing for space what the Orteig Prize (won by Lindbergh) did for aviation", say the organisers. The X Prize will be launched in St Louis, Missouri on 18 May.
Source: Flight International