Private Rocket Fails to Launch - Space Delivery Market in Jeopardy

A privately funded rocket was lost on its way to space. It marks the third consecutive failure to an Internet multimillionaire's efforts to promote to promote the market for low cost space delivery.

The Internet entrepreneur under the radar is Elon Musk. Following his sale of PayPal to eBay for 1.5 million dollars, he launched SpaceX in 2002. The California based company boasts over 500 employees and has been hailed as a frontrunner in the 'new space' movement.

The rocket was launched in the central Pacific after several hours of delay and one failed attempt. It carried three research satellites and the remains of 208 people who had paid to have their ashes shot into orbit.

While the launch stage was described as perfectly executed, problems seem to have arisen in the separation stage and remain under scrutiny.

The first rocket launch attempt by the company failed back in 2006 just on minute after ascent due to a fuel line leak. A second attempt in 2007 made it to space but was lost five minutes after launching.

Musk refuses to be deterred and remains optimistic about future endeavors.