X Prize Will Offer Largest International Prize Ever

The Santa Monica-based X Prize Foundation will announce a new "innovation competition" today which will include the largest international prize ever offered - reportedly in the tens of millions of dollars.

The X Prize Foundation, organizers of the Wirefly X Prize Cup, and the $10 million Ansari X Prize, has partnered with an unidentified Fortune 500 company to offer the new cash incentive, which will inevitably make headlines around the world.

We'll have more news concerning the identity of the sponsor, and the exact value of the reward, later today.