SpaceX Launch Vehicle on Track for First Launch

SpaceX Successfully Fires Falcon Rocket Upper Stage Engine

EL SEGUNDO, Calif. - Aug. 11, 2003 - Space Exploration Technologies Corporation (SpaceX) announced today the successful test firing of the Falcon rocket's upper stage engine, called Kestrel. The liquid oxygen and rocket grade kerosene powered engine, which has a vacuum thrust of 7500 lbs, achieved reliable ignition and stable combustion.

In the early weeks of testing, the engine achieved an efficiency of 94.8%, which is higher than many production rocket engines. As a basis for comparison, the Saturn V F-1 engine achieved 93.5%. An ultimate efficiency of approximately 96% and vacuum specific impulse of 325s are expected.

The Kestrel engine is capable of multiple restarts in vacuum for precise placement of one or more spacecraft, and is designed both for high fuel efficiency and light weight. When combined with the advanced aluminum-lithium tank structure, the result is among the industry’s best performance for a pressure fed rocket stage while maintaining substantially lower costs.

"This represents another major milestone in our Falcon launch vehicle development," said Elon Musk, Chairman & CEO of SpaceX. "We have now successfully fired both our main engine and upper stage engine, placing SpaceX well on the road to completing development of the two stage Falcon by December 2003." The launch vehicle will be unveiled at an event near the Smithsonian in Washington D.C. in December. Details to follow in coming months.

About SpaceX
Space Exploration Technologies (SpaceX) is developing a family of launch vehicles intended to reduce the cost and increase the reliability of access to space by a factor of ten. Falcon, the initial launch vehicle from SpaceX, is internally developed from the ground up, including both engines, all structure, avionics and launch pad operations. The privately developed Falcon is approximately 80% reusable, which will make it the only semi-reusable launch vehicle in the world apart from the Space Shuttle, which is 90% reusable.

Located in El Segundo, California, the company was founded by CEO Elon Musk in June 2002. SpaceX is the third company founded by Mr. Musk. Previously he co-founded and was the largest shareholder of PayPal™, the world's leading electronic payment system, which sold to online auction giant eBay™ for $1.5 billion in 2002. In 1995, Mr. Musk co-founded Zip2 Corporation, which sold to Compaq Computer Corporation for over $300 million. More information about SpaceX can be found at http://www.SpaceX.com