British billionaire Richard Branson traveled to the edge of space, about 55 miles above Earth, on Sunday. Next week, Amazon (AMZN Quick QuoteAMZN - Free Report) founder Jeff Bezos is scheduled to go to space in a rocket from his space company Blue Origin.

Unlike Virgin Galactic’s SpaceShipTwo, Blue Origin’s New Shepard is a rocket with vertical landing and takeoff, which will take Bezos more than 62 miles above sea level, beyond the Kármán line that some organizations define as the edge of space. However, Richard Branson is officially an astronaut per NASA’s definition of space which starts at 50 miles above Earth’s surface.

These space flights by billionaires are expected to boost demand for space tourism. More than 1,600 people have already paid deposits to Virgin Galactic (SPCE Quick QuoteSPCE - Free Report) , per FT. Elon Musk, founder of Tesla (TSLA Quick QuoteTSLA - Free Report) and SpaceX, is one of them. Virgin plans to start commercial space flights next year and increase to about 400 flights a year.

Virgin’s shares plunged yesterday after the company announced plans to raise up to $500 million for its spaceship fleet, but are still up more than 70% this year.

The global space industry could generate revenues of $1.1 trillion or more in 2040, per Morgan Stanley, thanks mainly to declining launch costs and increasing use of satellite based navigation.

Cathie Wood’s ARK Space Exploration & Innovation ETF (ARKX Quick QuoteARKX - Free Report) is one of the most successful launches of 2021. The Procure Space ETF (UFO Quick QuoteUFO - Free Report) is the first pure-play space ETF.  The SPDR S&P Kensho Final Frontiers ETF (ROKT Quick QuoteROKT - Free Report) holds companies associated with exploration of outer space and deep sea.

To learn more about these ETFs, please watch the short video above.