While Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the biggest enterprises in the world today, this was not always the case, as CEO Elon Musk shared how repeated initial launch failures cast uncertainty over the future of the commercial spaceflight company.

Peter Diamandis Recalls SpaceX’s Failures

In a post on X on Sunday, X Prize Foundation‘s Executive Chairman Peter Diamandis shared how everyone knows the “trillion-dollar version of SpaceX,” but nobody remembered that “Elon’s first rocket failed three times, and there was money for exactly only one more attempt.” He then urged people not to be afraid of failing.

Responding to Diamandis on Monday, Musk recalled the incidents. “I remember when you tried to talk me out of starting Space Exploration Technologies,” he said.

Read Also: Elon Musk Touts $3.5 Trillion Revenue For SpaceX By 2033, Seven Years Earlier Than Morgan Stanley's Prediction

Diamandis responded by saying that he was trying to get the billionaire to fund the X Prize foundation instead. “Super glad you didn’t listen to me! And thank you for all of the success SpaceX will enable for the species!” He said, hailing SpaceX’s advancements since.

“If the 4th launch had failed, SpaceX would not exist,” Musk said.

SpaceX’s first rocket, the Falcon 1, was a two-stage rocket that failed to launch three times between 2006 and 2008 before finally launching to orbit successfully in September of 2008 and became the first privately developed liquid-fuel rocket to reach Earth orbit. The failures pushed SpaceX to the brink, with Musk later saying the company would not have survived a fourth failure.

SpaceX’s Starbase, Starship Goals

SpaceX recently announced plans to begin construction for a second Starbase spaceport in Louisiana in 2027. The company is targeting its first launch from the site in 2029. SpaceX also announced that it would be offering its Starlink satellite internet service to customers in the neighboring area of the spaceport at half price.

Starbase, Louisiana, comes as Musk has shared that SpaceX intends to launch the Starship rocket 10,000 times annually by the end of the decade. SpaceX has ended Falcon 9 Starlink launches from Florida and plans to transition those missions to Starship.

Price Action: SPCX shares slipped 0.07% to $143.59 during overnight trading on Monday.

Read Also: Peter Diamandis Sees $10 Trillion Valuation for SPCX, Says Elon Musk Is Building 'Civilizational' Infrastructure

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