By taking part in the rapidly developing "space race," billionaire-backed entities such as Elon Musk's SpaceX and Jeff Bezos's Blue Origin are lowering costs across the board, ProcureAM CEO Andrew Chanin told CNBC's"They're able to get the cost of launch down and that's going to allow more companies to send things into outer space cheaper," Chanin said in the Wednesday interview.
They're also lowering costs for government-sponsored space programs by competing amongst themselves for NASA contracts, Chanin said. "They're actually freeing up more of NASA's budget to be able to invest in other areas of space, he said. "This competition I think is very healthy. Not necessarily every company's going to be a winner, but hopefully this competition can drive down prices and also let the best technologies win."
NASA now also has contracts with more than 300 publicly traded U.S. companies, said Chanin, whose UFO ETF counts
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