It relies on the habit liquids have in zero G (or microgravity, which is as close to zero as you're going to get on the International Space Station) of sticking together and to any surface they touch. Surface tension makes the liquid want to stay in one mass rather than dispersing through the air — so if you give it enough surface to cling to, and a few grooves that make it easier to flow in one direction, you've got yourself a rudimentary cup.
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That's the plan, anyway, and although the company has a prototype, it still needs to perform practical tests in zero-gravity flights and facilities. And at 15 hours of 3-D printing per glass, tipplers on the ISS will have to be patient as well.
The Kickstarter just launched Tuesday, and Cosmic Lifestyle is hoping to raise at least $30,000 for testing and manufacturing.