Elon Musk, the founder of PayPal and Zip2, has invested more than $100 million of his own money into building El Segundo, Calif.-based Space Exploration Technologies, or SpaceX, a next-generation private space company. Founded in 2002, SpaceX is building a family of rocket launchers and manned capsules for use in the public and private sectors. Its goal is to lower the cost of launches by as much as 40 percent than standard rates. (Pictured here is the SpaceX capsule Dragon in prototype form.)
SpaceX first plans to sell more launches into space for satellite communication providers and help NASA in servicing the space station when it retires the space shuttle in 2010. Last year, SpaceX won a portion of the $500 million NASA Commercial Orbital Transportation Services competition, giving the company the opportunity to fly and land its Falcon 9 launch vehicle and Dragon spacecraft on behalf of the space agency in the coming years. Eventually, SpaceX plans to provide manned tourist trips.
SpaceX officially became a space power on March 20 when its Falcon 1 rocket zoomed about 200 miles above the Earth, but a glitch prevented it from reaching full orbit. Despite early setbacks, the company plans to launch operational flights in late 2008 using its Falcon 9 rocket. The company stands to gain $278 million under the COTS program if it succeeds with its lofty goals. Musk has also reportedly said that the company is on track to turn a profit this year.
Photo by Stefanie Olsen/CNET News.com
