SpaceIL's launch contract is by no means the end of the game for other competitors. In fact, it actually aids other teams aiming for the same prize. The deadline date for a single team to sign launch contracts was December 2015, but with that milestone reached, the others now have until December 2016 to secure the same agreement. One team, Moon Express, says it's already signed an agreement, but XPrize explained to Engadget that it hasn't seen any paperwork to verify that claim.

As part of the terms of the competition, teams must be able to prove that at least 90 percent of the mission costs were covered by non-public sources. This stipulation means that, should one of the teams be successful in its endeavor, it will be the first privately-funded lunar mission. Previously, only the US, Soviet Union, and China have successfully landed objects on the moon. Others, including the European Space Agency, Japan and India, have intentionally or unintentionally crashed probes and satellites onto its surface.

All teams will need to reach the moon and complete the exploratory tasks by the end of 2017 to have a hope of gaining a prize. The largest sum by far goes to first place, but the second team to complete the challenge will be given a considerable $5 million purse.