The Ames Research Center (ARC), also known as NASA Ames, is a major NASA research center at Moffett Federal Airfield in California's Silicon Valley. It was founded in 1939 as the second National Advisory Committee for Aeronautics (NACA) laboratory. That agency was dissolved and its assets and personnel transferred to the newly created National Aeronautics and Space Administration (NASA) on October 1, 1958. NASA Ames is named in honor of Joseph Sweetman Ames, a physicist and one of the founding members of NACA. At last estimate NASA Ames has over US$3 billion in capital equipment, 2,300 research personnel and a US$860 million annual budget.