Richard Branson hopes that Virgin Galactic could be ready to launch a vessel into space in 12 months time.
The Virgin founder told Piers Morgan on CNN that by this time next year Virgin Galactic may be in a position to launch.
Richard Branson told Piers Morgan: "The rocket tests are going extremely well, and so I think that we're now on track for a launch within 12 months of today.
"This could be the beginning of a whole new era of space travel, which will be commercial space travel."
Virgin Galactic recently appointed former NASA and White House Executive Steven J. Isakowitz as Executive Vice President and Chief Technology Officer at Virgin Galactic.
Meanwhile, Richard Branson starred alongside Jimmy Fallon in a sci-fi sketch called Space Train earlier this week.