What is SpaceX?

The Space Expolaration technologies Corporation, popularly known as SpaceX, is an American private aerospace manufacturer and space transport services company situated in Hawthorne, California, USA. Founded in 2002 by Tesla Motors CEO Elon Musk, SpaceX was made in the hopes of reducing the costs of space transportation and enabling the human colonization of mars a reality.

SpaceX has pioneered some of the achievements in the space industry including being the first private company to reach orbit, the first private company to execute a successful launch, orbit, and spacecraft recovery, among others.

Since 2006, SpaceX is under a Commercial Orbital Transportation Services contract with NASA, enabling it to resupply cargo to the International Space Station (ISS). As of May 2016, six successful missions were flown to the ISS under a cargo resupply contract. It also been awarded a contract to deliver crew to the space station.

Funding and Goals

The first project of SpaceX, the Falcon 1, was privately funded. Later on, when SpaceX began developing Falcon 9, the US government signed a contract that obliged it to share a portion of the development funding.

Total funding has been a result of the combination of Musk’s own private investment, other investors’, and the merits of the different long-term launch contracts and development contracts. Last 2012, SpaceX has reported that it’s been operating under an estimate of a $1 billion budget in its first ten years of operation.

Essentially, the goal of the company is to improve the cost and reliability of space access by a factor of ten. Among its many pursuits, this 2015 the company asked the US federal government permission to test a project that may beam the internet to the entire globe, even to remote regions.

SpaceX is best known for its Falcon 9 launcher system. Current efforts are still geared towards making the resources reusable. The company is planning to launch its latest Falcon Heavy this 2015 which is expected to be the most powerful operational rocket in the world.