SPACESHIP ONE has reached the necessary altitude, and if it lands safely in a few minutes it will be the X-Prize winner, according to Peter Diamandis of the X-Prize foundation on Fox News just now. Diamandis: “We’re all the winners. . . . We’re all getting a chance to go.” Let’s hope so.

UPDATE: A successful landing! Reportedly, other teams in the competition plan to launch anyway — and the planned “X-Prize Cup” series of launches in New Mexico will encourage further efforts.

ANOTHER UPDATE: Note that this is the Sputnik anniversary.