SpaceX was founded in 2002 by Elon Musk with $100 million in initial funding. By 2006, SpaceX won its first NASA contract and in 2010 was the first company to launch and return a spacecraft to orbit. SpaceX is privately funded, cutting costs through efficiency and reusable rockets, and has deployed satellites at a fraction of typical costs through its competitive approach and leadership of Elon Musk.