A Falcon 1 rocket, privately founded by the SpaceX company, launched on Saturday, 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 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. The rocket, which ended up somewhere in the Pacific, contained the remains of 208 people and has not yet been recovered.

Mr. Elon Musk explained that the problem was identified and it can easily be resolved by increasing the timing between the two steps of the procedure. The reason why this scenario was overlooked is because all the tests were made at sea level, where everything seemed to be working perfectly.

He also added that this third failed try will not discourage him and hopefully, a new rocket will be ready for launch next month. He explained that the company has an extremely solid financial basis, which teamed up with its experts and will power can only lead to success.

"SpaceX will not skip a beat in execution going forward," he said.

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 registers more than 500 employees.

SpaceX is also closely collaborating with NASA, preparing a large rocker, called the Falcon 9, which will provide cargo services to the International Space Station.