2001–2004: Founding In early 2001,
Elon Musk met
Robert Zubrin and donated to his
Mars Society, joining its board of directors for a short time. He gave a
plenary talk at their fourth convention where he announced
Mars Oasis, a project to land a
greenhouse and grow plants on Mars. Musk initially attempted to acquire a
Dnepr launch vehicle for the project through Russian contacts from
Jim Cantrell. Musk returned with his team to Moscow, this time bringing
Michael Griffin, who later became the 11th
Administrator of NASA, but found the Russians increasingly unreceptive. On the flight home, Musk announced he could start a company to build the affordable rockets they needed instead.
Jim Cantrell and John Garvey (Cantrell and Garvey later founded the company
Vector Launch), rocket engineer
Tom Mueller, and Chris Thompson. SpaceX was first headquartered in a warehouse in
El Segundo, California. Early SpaceX employees, such as
Tom Mueller (CTO),
Gwynne Shotwell (COO), and Chris Thompson (VP of Operations), came from neighboring
TRW and
Boeing corporations. By November 2005, the company had 160 employees. Musk personally interviewed and approved all of SpaceX's early employees. Musk has stated that one of his goals with SpaceX is to decrease the cost and improve the reliability of access to
space, ultimately by a factor of ten.
2005–2009: Falcon 1 and first orbital launches launch in September 2008 SpaceX developed its first
orbital launch vehicle, the
Falcon 1, with internal funding. The Falcon 1 was an
expendable two-stage-to-orbit small-lift launch vehicle. The total development cost of Falcon 1 was approximately to . The Falcon rocket series was named after
Star Warss
Millennium Falcon fictional spacecraft. In 2004, SpaceX protested against NASA to the
Government Accountability Office (GAO) because of a sole-source contract awarded to
Kistler Aerospace. Before the GAO could respond, NASA withdrew the contract, and formed the
COTS program. In 2005, SpaceX announced plans to pursue a human-rated commercial space program through the end of the decade, a program that would later become the
Dragon spacecraft. In 2006, the company was selected by NASA and awarded to provide crew and cargo resupply demonstration contracts to the International Space Station (ISS) under the
COTS program. The first two Falcon 1 launches were purchased by the
United States Department of Defense under the
DARPA Falcon Project which evaluated new U.S. launch vehicles suitable for use in hypersonic missile delivery for
Prompt Global Strike. The first three launches of the rocket, between 2006 and 2008, all resulted in failures, which almost ended the company. Financing for Tesla Motors had failed, as well, and consequently
Tesla,
SolarCity, and Musk personally were all nearly bankrupt at the same time. Musk was reportedly "waking from nightmares, screaming and in physical pain" because of the stress. The financial situation started to turn around with the first successful launch achieved on
the fourth attempt on September 28, 2008. Musk split his remaining between SpaceX and Tesla, and NASA awarded the first
Commercial Resupply Services (CRS) contract awarding to SpaceX in December, thus financially saving the company. Based on these factors and the further business operations they enabled, the Falcon 1 was soon retired following its
second successful, and fifth total, launch in July 2009. This allowed SpaceX to focus company resources on the development of a larger orbital rocket, the Falcon 9.
Gwynne Shotwell was also promoted to company president at the time, for her role in successfully negotiating the CRS contract with the
NASA Associate Administrator
Bill Gerstenmaier.
2010–2012: Falcon 9, Dragon, and NASA contracts SpaceX originally intended to follow its light Falcon 1 launch vehicle with an intermediate capacity vehicle, the
Falcon 5. The company instead decided in 2005 to proceed with the development of the
Falcon 9, a
reusable heavier lift vehicle. Development of the Falcon 9 was accelerated by
NASA, which committed to purchasing several commercial flights if specific capabilities were demonstrated. This started with seed money from the
Commercial Orbital Transportation Services (COTS) program in 2006. The overall contract award was to provide development funding for the
Dragon spacecraft, Falcon 9, and demonstration launches of Falcon 9 with Dragon. By December 2010, the SpaceX production line was manufacturing one Falcon 9 and Dragon every three months. In April 2011, as part of its second-round
Commercial Crew Development (CCDev) program, NASA issued a contract for SpaceX to develop an integrated
launch escape system for Dragon in preparation for human-rating it as a crew transport vehicle to the ISS. NASA awarded SpaceX a fixed-price
Space Act Agreement (SAA) to produce a detailed design of the crew transportation system in August 2012. In early 2012, approximately two-thirds of SpaceX stock was owned by Musk and his seventy million shares were then estimated to be worth on
private markets, valuing SpaceX at . In May 2012, with the
Dragon C2+ launch, Dragon became the first commercial spacecraft to deliver cargo to the
International Space Station. By that time, SpaceX had operated on total funding of approximately over its first decade of operation. Of this, private equity provided approximately , with Musk investing approximately and other investors having put in about . SpaceX's active reusability test program began in late 2012 with testing low-altitude, low-speed aspects of the landing technology.
2013–2015: Commercial launches and rapid growth -M1, July 2014 SpaceX launched the first commercial mission for a private customer in 2013. In 2014, SpaceX won nine contracts out of the 20 that were openly competed worldwide. That year
Arianespace requested that European governments provide additional
subsidies to face the competition from SpaceX. Beginning in 2014, SpaceX capabilities and pricing also began to affect the market for launch of U.S. military payloads, which for nearly a decade had been dominated by the large U.S. launch provider
United Launch Alliance (ULA). The monopoly had allowed launch costs by the U.S. provider to rise to over over the years. In September 2014, NASA's Director of Commercial Spaceflight, Kevin Crigler, awarded SpaceX the Commercial Crew Transportation Capability (CCtCap) contract to finalize the development of the Crew Transportation System. The contract included several technical and certification milestones, an uncrewed flight test, a crewed flight test, and six operational missions after certification. The same month SpaceX announced the development of a new satellite constellation, called
Starlink, to provide global broadband internet service with 4,000 satellites. The Falcon 9 had its first major failure in late June 2015, when the seventh ISS resupply mission,
CRS-7 exploded two minutes into the flight. The problem was traced to a failed two-foot-long steel strut that held a
helium pressure vessel, which broke free due to the force of
acceleration. This caused a breach and allowed high-pressure helium to escape into the low-pressure
propellant tank, causing the failure.
2015–2017: Reusability milestones (ASDS)
barge after the first successful landing at sea,
SpaceX CRS-8 mission SpaceX first achieved a successful landing and recovery of a first stage in December 2015 with
Falcon 9 Flight 20. In April 2016, the company achieved the first successful landing on the autonomous spaceport drone ship (ASDS)
Of Course I Still Love You in the Atlantic Ocean. By October 2016, following the successful landings, SpaceX indicated they were offering their customers a 10% price discount if they choose to fly their payload on a reused Falcon 9 first stage. A second major rocket failure happened in early September 2016, when a Falcon 9 exploded during a propellant fill operation for a standard pre-launch
static fire test. The payload, the
AMOS-6 communications satellite valued at , was destroyed. The explosion was caused by the
liquid oxygen that is used as propellant turning so cold that it solidified and ignited with
carbon composite helium vessels. Though not considered an unsuccessful flight, the rocket explosion sent the company into a four-month launch hiatus while it worked out what went wrong. SpaceX returned to flight in January 2017. In March 2017, SpaceX launched a returned Falcon 9 for the
SES-10 satellite. This was the first time a re-launch of a payload-carrying orbital rocket went back to space. The first stage was recovered again, also making it the first landing of a reused orbital class rocket.
2017–2018: Leading global commercial launch provider In July 2017, the company raised , which raised its valuation to . In 2017, SpaceX achieved a 45% global market share for awarded commercial launch contracts. By March 2018, SpaceX had more than 100 launches on its manifest representing about in contract revenue. The contracts included both commercial and
government (NASA/DOD) customers. This made SpaceX the leading global commercial launch provider measured by manifested launches. In 2017, SpaceX formed a subsidiary,
The Boring Company, and began work to construct a short test tunnel on land adjacent to the SpaceX headquarters and manufacturing facility, using a small number of SpaceX employees, which was completed in May 2018, and opened to the public in December 2018.
2019–2025: Starship, first crewed launches, and Starlink In 2019 SpaceX raised of capital across three funding rounds. By May 2019, the valuation of SpaceX had risen to and reached by March 2020. On August 19, 2020, after a funding round, one of the largest single fundraising pushes by any privately held company, SpaceX's valuation increased to . raising the company valuation to approximately . By 2021, SpaceX had raised more than in equity financing. Most of the capital raised since 2019 has been used to support the operational fielding of the Starlink satellite constellation and the development and manufacture of the Starship launch vehicle. By October 2021, the valuation of SpaceX had risen to . On April 16, 2021, Starship HLS won a contract to play a critical role in the NASA crewed spaceflight
Artemis program. By 2021, SpaceX had entered into agreements with
Google Cloud Platform and
Microsoft Azure to provide on-ground computer and networking services for
Starlink. A new round of financing in 2022 valued SpaceX at . In July 2021, SpaceX unveiled another drone ship named
A Shortfall of Gravitas, landing a booster from
CRS-23 on it for the first time on August 29, 2021. Within the first 130 days of 2022, SpaceX had 18 rocket launches and two astronaut splashdowns. On December 13, 2021, company CEO
Elon Musk announced that the company was starting a
carbon dioxide removal program that would
convert captured carbon into
rocket fuel, after he announced a donation to the
X Prize Foundation the previous February to provide the monetary rewards to winners in a contest to develop the best
carbon capture technology. In August 2022,
Reuters reported that the
European Space Agency (ESA) began initial discussions with SpaceX that could lead to the company's launchers being used temporarily, given that Russia blocked access to
Soyuz rockets amid the
Russian invasion of Ukraine. Since that invasion and in the greater war between Russia and Ukraine, Starlink
was extensively used. In 2022, SpaceX's Falcon 9 also became the world record holder for the most launches of a single vehicle type in a single year. SpaceX launched a rocket approximately every six days in 2022, with 61 launches in total. All but one (a Falcon Heavy in November) was on a Falcon 9 rocket. In November 2023, SpaceX announced it would acquire its parachute supplier
Pioneer Aerospace out of bankruptcy for . On July 16, 2024, Elon Musk posted on
X that SpaceX would move its headquarters from
Hawthorne, California, to
SpaceX Starbase in
Brownsville, Texas. Musk said this was because the recently passed California
AB1955 bill "and the many others that preceded it, attacking both families and companies". This new law in California bans school districts from requiring that teachers notify parents about changes to a student's sexual orientation and gender identity. The headquarters officially moved to
Brownsville, Texas in August 2024, according to records filed with the California Secretary of State. The move to relocate SpaceX's headquarters was seen as largely symbolic, at least in the short term. The Hawthorne facility continues to support the company's Falcon launch vehicles, which was SpaceX's workhorse product in 2024. SpaceX's 2024
Polaris Dawn mission featured the first-ever private spacewalk, marking a major milestone in commercial space exploration. In 2025,
ProPublica reported that Chinese investors were investing in SpaceX via offshore entities, such as the
Cayman Islands. Experts speculated that this might raise national security concerns with regulators. Later in 2025 ProPublica reported that Chinese equity ownership in SpaceX likely extended to direct investment, citing the court testimony of investor Iqbaljit Kahlon. By July 2025, as part of the issuance of $5 billion in equity, SpaceX agreed to invest $2 billion in
xAI. In December 2025, Elon Musk confirmed the
initial public offering (IPO) of SpaceX, which is expected to take place in mid-2026, after previously rejecting the idea of taking SpaceX public. In January 2026, four banks were selected to lead the IPO. According to analysts, this is likely to be the largest IPO ever, with a potential valuation of over $1 trillion.
Reuters reviewed SpaceX's filing and found that the sharehoiding structure would effectively prevent anyone but Elon Musk to fire himself from his role as chief executive and chairman of the board, of which Lucian Bebchuk, a Harvard Law School professor stated that it was 'not common', and it is usually 'a decision of the board to remove the CEO'.
Starship In January 2019, SpaceX announced it would lay off 10% of its workforce to help finance the
Starship and
Starlink projects. The purpose of the Starship vehicle is to enable large-scale transit of humans and cargo to the Moon, Mars, and beyond. SpaceX's Starship is the largest and most powerful rocket ever flown, with a planned payload capacity of 100+ tons. Construction of initial prototypes and tests for Starship started in early 2019 in Florida and Texas. All Starship construction and testing moved to the new
SpaceX South Texas launch site later that year. On April 20, 2023, Starship's
first orbital flight test ended in a mid-air explosion over the
Gulf of Mexico before booster separation. After launch, multiple engines in the booster progressively failed, causing the vehicle to reach
max q later than planned. "Max q" is the theoretical point of maximal mechanical stress which occurs during the launch sequence of a space vehicle. In the case of a rocket that must be self-destructed during its ascent, max q occurs at the point of self-destruction. Eventually, the vehicle lost control and spun erratically until the automated
flight termination system was activated, which intentionally destroyed the rocket. Elon Musk, SpaceX, and other individuals familiar with the space industry have referred to the test flight as a success. Musk said at the time that it would take "six to eight weeks" to get the infrastructure prepared for another launch. In October 2023, a senior SpaceX executive stated the company had been ready to launch the next test flight since September. He accused government regulators of disrupting the project's progress, adding the delay could lead to China beating U.S. astronauts back to the Moon. On November 18, 2023, SpaceX launched Starship on its
second flight test, with both vehicles flying for a few minutes before separately exploding. In early March 2024 SpaceX announced that it was targeting March 14 as the tentative launch date for its next uncrewed Starship launch configuration flight test, pending the issuance of a "launch license" by the
FAA. This license was granted on March 13, 2024. On March 14, 2024, at 13:25 UTC,
Starship launched for the third time and for the first time Starship reached its planned suborbital trajectory. The flight ended with the booster experiencing a malfunction shortly before landing and the ship being lost during re-entry over the Indian Ocean. On October 12, 2024, SpaceX received FAA approval for
Starship's fifth flight test. The flight was the first without engine failures, and the first successful tower catch. SpaceX launched Starship on its
sixth flight test on November 19, 2024. The booster aborted the catch attempt, while the ship conducted a relight in space. On January 16, 2025, SpaceX launched Starship on its
seventh flight test, with the first Block 2 Ship, Ship 33 (standing at 403 ft or 123 meters). This test also carried a demonstration payload, a Starlink V3 simulator. The test launched at 22:37 UTC. The test resulted in the second catch of the Super Heavy booster, B14, but after 8 minutes, SpaceX lost contact with 'Ship', which is the upper stage of the Starship which resulted in the failure of the ship during the ascent. The spacecraft reportedly exploded around 8.5 minutes after launch over the Atlantic Ocean near the
Turks and Caicos Islands. The FAA, on January 18, required a mishap investigation of the failure. On March 7, 2025, SpaceX launched another Starship rocket, this time from Texas. Contact was lost minutes into the test flight and the spacecraft came tumbling down and broke apart, with wreckage seen across Florida's skies. As per preliminary investigation, Starship's 7th test flight was disrupted by an oxygen leak, flashes and sustained fires in its aft section, which caused the rocket's engines to shut down and turn on the spacecraft's self-destruct system. On June 18, 2025, a SpaceX Starship rocket exploded during a static fire test at the company's Starbase facility in Texas, following what the company described as a "major anomaly". Cameron County Judge Eddie Treviño Jr. contacted 10 federal and state offices to ask about their roles in probes regarding the explosion, with each department declining to investigate, which created regulatory concerns. Brownsville City Manager Helen Ramirez stated that the Brownsville Fire Department was underequipped to handle fire events created by rocket explosions. Not long after the explosion, several SpaceX employees filed documents with the Texas Secretary of State to form the Starbase Volunteer Fire Department, intending to respond to calls within city limits, not including the test site. While cleaning the site, a crane collapse in relation to safety violations would cause the
Occupational Safety and Health Administration to fine SpaceX approximately $116,000.
Crewed launches A significant milestone was achieved in May 2020, when SpaceX successfully launched two NASA astronauts (
Doug Hurley and
Bob Behnken) into orbit on a
Crew Dragon spacecraft during
Crew Dragon Demo-2, making SpaceX the first private company to send astronauts to the International Space Station and marking the first crewed orbital launch from American soil in 9 years. The mission launched from
Kennedy Space Center Launch Complex 39A (LC-39A) in Florida.
Starlink In May 2019, SpaceX launched the first large batch of 60 Starlink satellites, beginning to deploy what would become the world's largest commercial satellite constellation the following year. In 2022, most SpaceX launches focused on Starlink, a consumer internet business that sends batches of internet-beaming satellites and now has over 6,000 satellites in orbit. On July 16, 2021, SpaceX entered an agreement to acquire
Swarm Technologies, a private company building a
low Earth orbit satellite constellation for communications with
Internet of things (IoT) devices, for . In December 2022, the U.S.
Federal Communications Commission (FCC) approved the launch of up to 7,500 of SpaceX's next-generation satellites in its Starlink internet network. In September 2025, SpaceX said it would purchase the rights to use some of
EchoStar's spectrum for $17 billion in a cash and stock deal. The company said it would use the spectrum as a foundation for Starlink's direct-to-cell business around the globe.
2026–present: xAI acquisition and Terafab On February 2, 2026, SpaceX announced that it had acquired
xAI, an artificial intelligence company also founded by Musk, in an all-stock transaction that structured xAI as a wholly owned subsidiary of SpaceX. The acquisition combines SpaceX's rocket and satellite capabilities with xAI's artificial intelligence technology. SpaceX stated that the goal is to develop space-based AI data centers to overcome the power and cooling limitations of terrestrial facilities. The plan includes deploying large numbers of satellites to provide AI compute capacity and exploring long-term operations on the Moon and Mars. The acquisition valued SpaceX at $1T and xAI at $250B, for a combined total of $1.25T. It was the highest valued business acquisition in history. In April 2026,
The New York Times reported that SpaceX had agreed to acquire
Cursor, an AI-assisted software development startup, for billion.
Summary of achievements == Hardware ==