"We are announcing the availability for private astronauts to visit the space station on USA vehicles, and for companies to engage in profit-making activities on the station", said NASA CFO Jeff DeWit in a press briefing.
Nasa announced that private astronauts would be permitted to travel to the ISS for up to 30 days.
The space agency says only two visitors per year will be allowed, for now.
The change paves the way for the wealthy to rocket from Earth and spend time aboard the astronaut home and laboratory in space, through trips planned by private enterprise, and for businesses to develop products or shoot film - including adverts - in space.
There will be up to two short private astronaut missions per year, said Robyn Gatens, the deputy director of the ISS.
"If you look at the pricing and you add it up, back of a napkin, it would be roughly $35,000 a night, per astronaut", NASA's Chief Financial Officer Jeff DeWit told a news conference in NY.
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Undated handout photo issued by NASA of the International Space Station photographed from the space shuttle Atlantis.
As NASA shifts its priorities to landing astronauts to the moon, it is opening the International Space Station for commercial business, agency officials announced today (June 7) at a news conference here at the Nasdaq MarketSite.
Unfortunately, the stay won't come with any Hilton or Marriott points, DeWit joked. As part of its new policy directive, NASA will also open up the space station to possible marketing and advertising activities. Although the actual price of the trips is still unknown, NASA will be charging the companies that transport them about $35,000 per night at the space station.
"Enabling a vibrant economy in low-Earth orbit has always been a driving element of the space station program, and will make space more accessible to all Americans", said Koch.
More than 50 companies are already using the ISS for research and development.
"The commercialization of low-earth orbit will enable NASA to focus resources to land the first woman and next man on the moon by 2024 as the first phase of creating a sustainable lunar presence to prepare for future missions to Mars".