Brand and the other brave participants will jet more than 365,000 feet straight into the Earth's atmosphere at a speed three times faster than the speed of sound. Then they can unfasten their seatbelts and float weightlessly for five minutes before shuttling back to Earth.

"There will be 17-inch-diameter windows to look out onto," a space agent for Virgin Galactic tells E! "Passengers will be able to view Earth around 800 miles in any direction from space."

But Russell will have to do some prep work before his blastoff, including two to three days of astronaut training. Luckily, he has plenty of time, since the spacecraft is still in testing stages.

Katy hasn't purchased a ticket for herself yet, but she's invited to wait at Virgin Galactic's New Mexico spaceport for Russell's return. A friend of the pop singer hopes she'll change her mind and join him.

"She should get the seat right next to him," our source says.

Once he returns to Earth (with or without Katy), he'll get pinned with astronaut wings.

"They will pop champagne, give you astronaut wings and give you a party," the Virgin rep tells us.

Sounds like this couple is really living the high life!