Yep, as well as test-driving new technologies and exploring the lunar surface, the mission could finally put the Moon landing hoax rumours to bed once and for all by photographing the kit astronauts left behind more than 40 years ago.
A reward of US$30 million is up for grabs, and will be won by the first private group to land an autonomous vehicle on the Moon, travel more than 500 metres (1,640 feet), and beam pictures back to Earth.
"This is a mission about the challenges that lie in the 384,400 kilometres [238,855 miles] that separate Earth from the Moon," the researchers explain on their website. "A story about breaking rules, going places where no one else dares to go."
The PT Scientists team was originally made up of engineers working voluntarily in their spare time, but the company now has 12 full-time employees as their ambitions get more serious.
To achieve its goal, the group is developing two key pieces of technology: the ALINA (Autonomous Landing and Navigation) module for getting to the Moon's surface, and two Audi Lunar Quattro rovers for doing the actual exploring.
The rovers will be fitted with a four-wheel electrical drive chain, solar panels, rechargeable batteries, and high-definition cameras.
Anyone can reserve some space for a payload of their own on the mission, provided they stump up $800,000 for every kilogram of weight.
As you might expect, considering they're in a competition, the scientists haven't revealed too many details about the hardware they're developing, but the team looks to be making a serious bid to succeed.
If they do achieve their mission, the PT Scientists rover will only be able to get within 200 metres (656 feet) of the landing site of the Apollo Lunar Roving Vehicle, because NASA is keen to preserve the historical patch of the Moon for future generations to see.
Astronauts haven't been back to the Moon since 1972 and the Apollo 17 mission, due to budget cutbacks and changing priorities. NASA itself has since shifted its focus to the International Space Station and exploring Mars.
But the X Prize competition gives us a chance to finally make a long overdue trip to the lunar surface, even if it is with automated rovers rather than people.