The Hawthorne, Calif.-based company, better known as SpaceX, said Sunday that it sent its Falcon 1 rocket into space after lifting off at 4:15 p.m. PDT from Omelek Island, about 2,500 miles southwest of Hawaii.
Fourth time was the charm for SpaceX, which had previously tried three times to launch Falcon 1 into orbit around Earth.
"This is a great day for SpaceX and the culmination of an enormous amount of work by a great team," said Musk, CEO and CTO of SpaceX, in a statement. "The data shows we achieved a super precise orbit insertion—middle of the bull's-eye—and then went on to coast and restart the second stage, which was icing on the cake."
Falcon 1 carries a payload mass simulator that weighs approximately 364 pounds, which was built specifically by SpaceX for the mission.
Musk was one of PayPal's largest shareholders when it was sold in 2002 to eBay for $1.5 billion in stock.