The non-profit organization Base 11 led by Landon Taylor has organized a rocketry competition for university students that is offering a $1M cash prize:

The Base11 Space Challenge is a $1 million+ prize for a student-led university team to design, build, and launch a liquid-propelled, single-stage rocket to an altitude of 100 kilometers (the Karman Line) by December 30, 2021. Annual competitions and prizes mark milestone achievements in the process including design of the liquid-fuel rocket, static testing of the engine, and smaller pop-up innovation challenges to be announced. The biggest purse, which is fully funded, is the $1 million prize for launching the rocket to the edge of space.

The mission behind the Base 11 Space Challenge is to dramatically increase the science, technology, engineering, and mathematics (STEM) talent in the United States with greater representation and inclusion of women and minorities, while empowering the future workforce with the education and skill-training necessary for jobs in the aerospace and related industries.

This video gives an overview of the program:

And a video of the debut event held for the program last week: