Armadillo Aerospace is lead by John Carmack, popular computer programmer of games such as Doom and Quake, and has the main goal of winning the X-Prize.
Armadillo is entirely funded by Carmack's Id Software fortune. He expects to spend approximately 1 million dollars in development of his X-Prize vehicle, a ridiculously small amount of money by large Aerospace company standards.
What's interesting about Armadillo's methods is their usage of modern computer technology to simplify and reduce costs of rockets. For example, instead of stabilization fins which complicate the design and increase drag, they use an aerodynamically unstable design, where the computer throttles the engines based on feedback from fiber optic gyroscopes.
http://www.armadilloaerospace.com
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