Branson said to CNN he is feeling a "little bit jealous" after the successful launch of SpaceX Falcon Heavy rocket and is “thinking about what we can do to upstage" Elon Musk in the near future.
"I hope that Virgin Galactic will be the first of the three entrepreneurs fighting to put people into space to get there," he stressed.
READ MORE: SpaceX Launches Falcon Heavy Rocket, the Most Powerful in the World (VIDEOS)
Richard Branson's Virgin Galactic is competing not only with SpaceX but also with Blue Origin, a private space venture launched by Amazon chief Jeff Bezos.
"Elon, Jeff and ourselves can do things for a fraction of the price that governments can do it and I think we can make it a little more exciting as well," Branson added.
On February 6, the historical launch of the Falcon Heavy rocket, which carried the electric vehicle Tesla Roadster, took place. Millions of viewers followed the symbolic flight online.