17 December 2003: the first powered flight of SpaceShipOne

The privately funded and built space plane, SpaceShipOne, witnessed its first powered flight on this day in 2003 – a crucial step towards winning the $10m Ansari XPrize.

Madame Guzman didn't get her chat with aliens when she announced the Guzman Prize 115 years ago today. Despite offering a 100,000 franc reward, nobody could come up with the technology to communicate with distant worlds. (Mars didn't count it was deemed too easy.)But in some ways, the Ansari X Prize was its successor.

Unveiled in May 1996, the $2.5m prize (which grew to $10m) would be awarded to anyone who could design and build "a reliable, reusable, privately-financed, manned spaceship capable of carrying three people to 100 kilometres above the Earth's surface twice within two weeks".

The idea was to prove that private space travel (ie, non-government funded) was not only possible, but profitable. Twenty-five teams threw their hats into the ring, including four from Britain the most represented county after the United States.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Mojave Aerospace Ventures was one of the American teams to enter. On 17 December 2003, their SpaceShipOne, piloted by Mike Melvill, undertook its first powered flight test, in which it broke the sound barrier.

It was a day loaded with meaning. Quite apart from Madame Guzman and her challenge, the date was also the 100th anniversary of the Wright Brothers' ground-breaking first powered flight in the Wright Flyer, which ushered in the age of aviation.

Suitably impressed, Sir Richard Branson's Virgin Galactic "spaceline" venture engaged the company behind SpaceShipOne, Scaled Composites, to develop a commercial version to ferry tourists into space.

SpaceShipOne went on to fulfil all the requirements of the Ansari XPrize, and on 4 October 2004, it was awarded the $10m roughly half of what it cost to develop, but still an achievement in itself, as The Economist noted at the time: "For that, Nasa could barely launch a kite, let alone an astronaut." And besides, the cost wouldn't have much troubled the team's backer Microsoft co-founder Paul Allen.

Chris Carter

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

You can follow Chris on Instagram.