SpaceX developed its first orbital launch vehicle, the Falcon 1, with internal funding.[24][25] The Falcon 1
was an expendable two-stage-to-orbit small-lift launch vehicle. The total development cost of Falcon 1 was
approximately US$90 million[26] to US$100 million.[27] The Falcon name was adopted from the DARPA Falcon
Project, part of the Prompt Global Strike program of the US military.[28]
SpaceX originally intended to follow its light Falcon 1 launch vehicle with an intermediate capacity vehicle, the
Falcon 5.[40] 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 purchase several
commercial flights if specific capabilities were demonstrated. This started with seed money from the Commercial
Orbital Transportation Services (COTS) program in 2006.[41] The overall contract award was US$278 million to
provide development funding for the Dragon spacecraft, Falcon 9, and demonstration launches of Falcon 9 with Dragon.
Elon Reeve Musk: is a business magnate and investor. He is the founder, CEO, and Chief Engineer at SpaceX;
angel investor, CEO,
and product architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.
With an estimated net worth of around US$262 billion as of September 10, 2022,