Space Exploration Technologies lands deal to launch satellite for Loral unit
Hawthorne-based Space Exploration Technologies Corp. has signed a deal to launch a commercial satellite for Loral Space & Communications Inc.’s space system unit.
“It’s a significant breakthrough,” said Elon Musk, the company’s founder and chief executive. “Loral is placing a bet on SpaceX and its technology. It’s really one of the biggest endorsements you can get.”
Musk, who also co-founded PayPal and Tesla Motors Inc., said it was one of the largest commercial contracts won by SpaceX. He declined to disclose the value of the contract, but analysts said it was likely to be about $50 million.
“This is a big step for the company,” said Carissa Bryce Christensen, managing partner with Tauri Group, an analytic consulting firm in Alexandria, Va. “To be part of the launch backbone of the country, and the world, you have to demonstrate that you can serve the commercial customer.”
The 180-foot-tall rocket that will boost the satellite into orbit, the Falcon 9, is slated for its first launch as early as April. It is currently upright at Cape Canaveral, Fla., and undergoing testing.
The nine-engine booster is a major contender to assume NASA’s responsibilities in hauling astronauts and cargo to the International Space Station in the wake of President Obama’s budget proposal to outsource space travel to private businesses.
SpaceX, which makes about 80% of the rocket in Los Angeles County, has a $1.6-billion contract for 12 flights to transport 20 tons of cargo to the space station for NASA through 2016.
“With numerous Falcon 9 launches on their manifest over the next two years, we are assured of a successful flight history in advance of our mission,” John Celli, president of satellite unit Space Systems/Loral, said in a statement.
According to the two companies, that launch will take place as early as 2012.
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