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SCOTT JAGOW: If you're looking for a vacation that's out of this world, here's an idea: A visit to Genesis One, a privately-financed space module. More now from Rachel Dornhelm.

RACHEL DORNHELM: The potential laboratory and hotel module blasted out of the atmosphere yesterday on a converted Russian missile.

It's the brainchild of tycoon Robert Bigelow who owns the Budget Suites of America chain.

While a few dozen companies are at work on space transportation, space development advocate Rick Tumlinson says structures like Genesis I would provide a destination for space travelers.

RICK TUMLINSON: You put those together and in sometime in the next 10 years you're gonna have private rocket ships serving private space facilities. At which point the game is on.

Bigelow has pledged $500 million to his project.

Tumlinson says many of the entrepreneurs investing in space are self made moguls, like Elon Musk of Pay-Pal and Amazon's Jeff Bezos.

I'm Rachel Dornhelm for Marketplace.