Falcon 1, a liquid fuel rocket built by Space Exploration Technologies, or SpaceX, has successfully blasted into orbit from Kwajalein Atoll in the Pacific Ocean. Thus, Falcon 1 is the first privately developed, privately financed rocket to reach orbit, at the fourth attempt.

The company, started back in 2002 by Mr. Elon Musk, an Internet entrepreneur, is looking to start a brand new business with low-cost space-delivery. Mr. Elon Musk founded SpaceX after selling his PayPal company to eBay for $1.5 billion. Since then, his efforts have been focused on building up a brand "new space movement," with his constantly growing company, which now has more than 500 employees.

Musk said that many people did not think that they can actually do it. “But, you know, the saying goes, fourth time’s the charm.”

A Falcon 1 rocket, launched in early August, failed to reach space as a result of that appears to have been a design error, with a gap of 1.5 seconds between the engine shutdown and the stage separation. The rocket, which ended up somewhere in the Pacific, contained the remains of 208 people. That third attempt failed on Aug. 2, losing also a Department of Defense payload, and the ashes of more than 200 people, including astronaut Gordon Cooper and actor James Doohan, who played Scotty on Star Trek. Elon Musk said at the time that the third failed try will not discourage him.

SpaceX is also closely collaborating with NASA, preparing a large rocket, called the Falcon 9, which will provide cargo services to the International Space Station. Moreover, they expect to be able to enhance technology so as to render carrying people to the aforementioned station possible by 2015.

NASA administrator Michael Griffin stated that he was truly pleased with the rocket’s launch’s outcome, adding that this marked a first, but very important step towards reaching the Commercial Orbital Transportation Services (COTS)program goal to allow commercial space transportation to gain ground in future years.