This is some of the fruits of ongoing NASA-sponsored research.
What is a Space Elevator, you ask? A superstrong elevator "shaft" stretching from earth and anchored to a geosynchronous satellite in outer space that an elevator would ride upon to carry payloads outside of our atmosphere.
"carbon nanotube fibers are both strong and light enough that a 100,000 km elevator, constructed of a 2m wide carbon nanotube "ribbon," could be constructed in 10 years for a cost of US $6 billion, and be capable of lifting a 13-ton payload to geosynchronous orbit once every few days. If feasible, it would present a stunning breakthrough in space accessibility, and likely usher in a new age of space development and exploration."
Slashdot story
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