LauncherOne, which Branson announced at the Farnborough Airshow near London, England, is scheduled to begin sending satellites to space in 2016. The vessel will have a cargo capacity of up to 500 pounds and cost under $10 million, according to a release from the company.
Branson hailed the project as a solution for democratizing satellite-based scientific research.
"It will be a critical new tool for the global research community, enabling us all to learn about our home planet more quickly and affordably," said Branson during the event.
"Now, LauncherOne is bringing the price of satellite launch into the realm of affordability for innovators everywhere, from start-ups and schools to established companies and national space agencies. It will be a critical new tool for the global research community, enabling us all to learn about our home planet more quickly and affordably."
LauncherOne features a two-stage rocket design that will be released from underneath the WhiteKnightTwo mothership, much the same way Virgin Galatic's people-carrying SpaceShipTwo operates.
Four companies have agreed to use LauncherOne for various purposes. Virgin Galatic has already registered more than 500 people for space tourism trips aboard SpaceShipTwo.