Virgin Spaceport to Be Built in New Mexico

Virgin Galactic, the British company created by entrepreneur Richard Branson to send tourists into space, and authorities from the state of New Mexico announced an agreement to build a $225 million spaceport.

Virgin Galactic also revealed that up to 38,000 people from 126 countries have paid a deposit for a seat on one of its manned commercial flights, including a core group of 100 "founders" who have paid the initial $200,000 cost of a flight upfront. Virgin Galactic is planning to begin flights in late 2008 or early 2009.

The New Mexico Economic Development Department said construction of the spaceport, to be built largely underground in the south of the state near the White Sands Missile Range, could begin in early 2007, depending on approval from environmental and aviation authorities.

Virgin will have a 20-year lease on the facility, with annual payments of $1 million for the first five years and rising to cover the cost of the project by the end of the lease.