In June 2002, Internet entrepreneur Elon Musk started Space Exploration Technologies Corp. (SpaceX) to achieve what many in the satellite industry believe is an impossible task — to lower the cost of launching satellites into orbit. Musk has vast personal wealth — he is a co-founder of PayPal — and strong support from NASA’s Commercial Orbital Transportation Services (COTS) program, but the road to cheaper launch services has not been easy.
Musk, who serves as CEO and CTO of SpaceX, has received just as much criticism as praise for his mission, and with so many eyes on his products — the Falcon launch vehicles and the Dragon spacecraft — the pressure to succeed and demonstrate a reliable track record continues to mount. After three failed attempts to launch the small Falcon 1 rocket, SpaceX’s performed its first successful mission in September. The next mission is scheduled for March carrying the RazakSat spacecraft, and now the pressure for Musk and SpaceX is to prove that the vehicle is reliable, complete development of the larger Falcon 9 rocket and deliver on his dream of reducing the cost of access to space.
After a tour of SpaceX’s Hawthorne, Calif., headquarters (the same facility Boeing used to make engines for its 747 series airliner), Musk sat down with News Editor Jeffrey Hill to discuss how he has continued to operate under such pressure and provide some insight on the company that wants change the way satellites are placed into orbit.
Via Satellite: Why did you go into the launch industry?
Musk: My long-term objective is to make us a true space civilization and to make at least some progress in helping to extend life beyond Earth. Along the way, the necessary thing that needs to be done is to provide launching at a much lower cost and make it much more reliable, but we have to earn our way in that direction. That’s why we are launching satellites. I think the origin and purpose of satellites is very cool, and there is a definitely a need for a lower launch cost option in the industry.
Via Satellite: How much do you personally finance the company and are you looking for additional funding?
Musk: We are not seeking additional financing. I personally have $100 million invested in the company. We have also taken $20 million of funding from the Founders Fund in San Francisco (a technology venture capital firm whose management team includes other co-founders of PayPal). At this point, SpaceX is cash flow positive and profitable. We were profitable last year, we will be this year and we expect to be next year.
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