The European Space Agency is currently developing Herschel, the largest space telescope ever launched. It will have an unprecedented view of the 'cold' (infrared) universe, bridging the gap between what can be observed from ground and earlier space missions of this kind.
ESA's Herschel telescope, named after the pioneering astronomers William and Caroline Herschel, will be launched in 2008 onboard a European Ariane 5 rocket.