Under the auspices of the NASA Innovative Advanced Concepts (NIAC) Program, the University of Arizona, Southwest Research Institute, Jet Propulsion Laboratory, Arizona State University, and Johns Hopkins Applied Research Laboratory are developing and demonstrating key technologies required to realize a suborbital, 10 meter class telescope suitable for operation from radio to THz frequencies. The telescope consists of an inflatable, half-aluminized spherical reflector deployed within a much larger carrier balloon - either zero pressure or super pressure. Besides serving as a launch vehicle, the carrier balloon provides both a stable mount and radome for the enclosed telescope. Looking up, the LBR will serve as a telescope. Looking down, the LBR can be used for remote sensing or telecommunication activities. The realization of a large, space-based 10 meter class telescope for far-infrared/THz studies has long been a goal of NASA. By combining successful suborbital balloon and ground-based telescope technologies, the dream of a 10 meter class telescope free of 99% of the Earth's atmospheric absorption in the far-infrared can be realized. The same telescope can also be used to perform sensitive, high spectral and spatial resolution limb sounding studies of the Earth's atmosphere in greenhouse gases and serve as a high flying hub for any number of telecommunications and surveillance activities.