NASA is working on a six-month mission called "CubeSat Astronomy by NASA and Yonsei using Virtual telescope ALignment eXperiment" (CANYAL-X). The goal is to launch two bread loaf sized satelites (CubeSats), fly them in coordination while aligning them to a distant source, and hold that configuration. This will create a virtual telescope with a focal length equal to the distance between the two CubeSats.
Here is a link to a Scientific American article describing the mission
Here is an image showing how it would work:
