El Segundo, Calif.-based Space Exploration Technologies (SpaceX), founded by Internet entrepreneur Elon Musk, has successfully test fired the company’s Falcon rocket main engine.

“Satellites and spacecraft urgently need a more reliable and cost-effective launch vehicle than the options available today,” said Elon Musk, SpaceX chairman and CEO. “SpaceX is confident that our Falcon rocket will achieve that end in the near future.” Musk founded SpaceX in June 2002 with the goal of developing low-cost launch vehicles.