SpaceX Founded — 24 Years Ago

A Private Company Aims for Space

Elon Musk founded Space Exploration Technologies Corp., known as SpaceX, in May 2002. After selling his share of PayPal, Musk invested $100 million of his own money into the venture. His goal was audacious: reduce the cost of space travel enough to make human life on Mars a realistic possibility. At the time, spaceflight was almost entirely the domain of government agencies like NASA, Roscosmos, and ESA.

Early Failures and a Turning Point

SpaceX's first rocket, the Falcon 1, failed on its first three launch attempts between 2006 and 2008. Musk later said the company had just enough money for one more attempt. The fourth launch in September 2008 succeeded, making Falcon 1 the first privately developed liquid-fueled rocket to reach orbit. That success saved the company and opened the door for NASA contracts worth hundreds of millions of dollars.

Reshaping the Space Industry

SpaceX went on to develop the Falcon 9, the Falcon Heavy, and the Crew Dragon spacecraft. Its reusable rocket technology dramatically cut launch costs. The company now handles cargo and crew missions to the International Space Station and launches satellites for dozens of clients. SpaceX proved that private companies could compete — and even lead — in space exploration. Read about the historic Falcon 9 landing that changed rocket economics forever.