It spins slightly faster than orbital speed, the additional force is used to hold up support cables, the elevator and its payloads plus some small stations where needed.
How to build it: There are proposals to launch it from the ground (make a vacuum tube around the equator, spin the ring up levitated magnetically, once it goes above orbital velocity it leads to a force upwards) but the easier construction method is just to launch everything to space.
You can build an initial ring system with ~1000 tonnes in space (25g/m). At $90 million per 30 tonnes to a zero inclination low Earth orbit (reusable Falcon Heavy with plane change maneuver, pessimistic) you spend $3 billion on launches. Let's double that to account for mass of delivery systems and whatever, $6 billion. The initial payload of such a system would be in the low ton range, just enough to lift additional ring material. As the ring mass grows the payload grows as well. Launch costs are not a big deal even with existing rockets. If we use Starship cost estimates the launch costs become negligible.
There would be significant R&D cost and it is hard to estimate them - we would need some R&D to estimate that cost better. It is "just" an engineering challenge - all the materials are available, all the components have been used in many places for other purposes, the task would just be to combine them in the right way.
Why don't we have this already?
- The launch cost estimate I used was based on a rocket that first flew last year. If we would take e.g. the Space Shuttle that cost would be way higher.
- There is no "demo version" - you can't build 1/100 of an orbital ring as operational prototype. To demonstrate that the concept works you need to spend several billions.
- There is a significant risk that the first attempt fails. No government wants to justify the failure of a several billion dollar project and ask for money for the second attempt - even if that ring would pay for the launch of both attempts.
Please show an estimate that is based on such a hope.
Achieving orbital speed is the main task of rockets... you save going through the atmosphere, but it doesn't help that much. It would make a nice platform for short-term microgravity experiments (just drop stuff from the tower).