CNN BUSINESS | The Porsche dynasty is taking on Jeff Bezos and Elon Musk in space

An impression of Isar Aerospace’s first generation “Spectrum” rocket traveling into the Earth’s orbit.

London (CNN Business) – Porsche SE, the family holding company that controls Volkswagen Group, is the latest big investor to bet on space’s crucial role in developing future technologies.

The company, controlled by the related Porsche and Piëch families that turned Volkswagen into a global powerhouse, on Wednesday unveiled an investment into Germany’s Isar Aerospace, a space startup attempting to rival Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX with rocket production and satellite launch services.

While Blue Origin and SpaceX are backed by billionaires and already racing ahead with manned space missions, Isar Aerospace believes it can compete in the growing market for launching small satellites into Earth’s orbit. It’s planning its first test flight for next year.  —read more