More than $500 million has been raised in the space industry by the city to help build a $500m space museum.

A crowd of thousands of Sydneysiders attended the unveiling of a new $500mn space museum in the CBD on Sunday night.

“This is a significant milestone for Sydney,” Sydney Mayor Clover Moore said.

Sydney Mayor Clover Jones has previously described the $500million space museum as “the best space museum of the 21st century”.

“We’ve made it a reality,” she said.

“And you can look at the history of the city, you can see that Sydney is a big city, it has a rich history and it is going to be a vibrant city in the 2150s.”

The $500-million space park is expected to be the largest space museum outside of New York and Los Angeles.

Its opening is scheduled for next year.

The Sydney Museum is one of four space museums to open this year, along with the Museum of the City of Sydney, the Royal Adelaide Museum and the Sydney Museum of Modern Art.

The City of Melbourne has announced it will open a $1.3 billion museum and arts precinct in the city’s south-west in 2017.