Plan to float Mir

Mir has been in orbit for 14 years

MirCorp says it hopes to raise $117m in an initial public offering to finance the future of the Russian space station.

The money would be used to fund "long-term commercial operations", MirCorp said in a statement.

MirCorp President Jeffrey Manber said: "Recognising this unprecedented interest in Mir, we have decided to pursue the initial public offering (IPO) to raise the working capital for long-term commercial service with the station. We are in the process of making decisions on which markets in Asia, Europe and the US we will be registering the IPO."

Mir has been operating in space for over 14 years. Until private funding was secured through MirCorp, it had been planned to allow the space station to fall to Earth and burn up in the atmosphere this year.

Space tourism

Although the long-term future of Mir is still unclear, MirCorp is pressing ahead with its plans to fund further flights to the station.

A third MirCorp-financed supply launch to the station is scheduled for 16 October. It will deliver a stock of fuel to keep the space station in orbit.

Dennis Tito, MirCorp's first space tourist, is currently in training for a trip to Mir. And a deal has been signed with NBC television in the US which will lead to the winner of a TV quiz show also flying to the space platform.

"There has been strong international support for Mir, and the IPO will raise capital that will demonstrate to both the Russian Government and the world that we have a solid business plan that is fully backed by financing," said Jeffrey Manber.

"As MirCorp is 60% Russian controlled, we look forward to working with the Russian Government while we pursue the full commercial opportunities with Mir".