We're ready to undertake two new prize competitions in the arena of suborbital rocket flights.

This year's unclaimed prize money will be added to next year's, and that alone should boost the number of entrants. This is an exciting start. We don't need to try to pick and choose which approaches might be successful. We simply invite all new ideas to come and give it a shot, and then reward the best.

Today we are signing a letter formalizing the intent of NASA Centennial Challenges and the X Prize Foundation to work towards a future agreement for two X Prize Competitions,

All of NASA's prizes to date are for one-quarter million dollars or less. We expect these two challenges to be considerably larger.

This challenge continues NASA's efforts to broaden interest in innovative concepts.

NASA has no plans to develop a space elevator any time soon, but the component technologies have a lot of different applications, ... High-strength materials that are less weight are great for rockets, it's great for airplanes, it's great for spacecraft.