For decades, space travel was seen as a risky investment, one that venture capitalists shied away from.
But recently, the commercial space industry has attracted a growing number of investors that now includes the Kingdom of Saudia Arabia, which announced Thursday it plans to invest US$1 billion ($1.46b) in Richard Branson's portfolio of space companies.
In a statement, Prince Mohammed bin Salman Al-Saud, the crown prince of Saudi Arabia, said the country intended to take a large stake in Branson's ventures in an effort "to enhance the role of innovative technology within the Kingdom's blueprint for a modern, diversified economy."
The infusion of cash is a huge boon for Branson, who has said that Virgin Galactic intends, at long last, to start flying tourists to the edge of space in the coming months.
The investment would also go into Virgin Orbit, a California-based company that is building a rocket capable of delivering small satellites to space.