The private space company founded by PayPal founder Elon Musk looks to have been dealt a bit of setback this week, with The New York Times reporting that the team lost contact with its Falcon 1 rocket (seen above in its Earthbound days) just minutes after launch on Tuesday. The company seems to be doing its best to keep upbeat about it however, declaring the launch "not perfect, but certainly pretty good." On the upside, the rocket apparently did make it all the way into space, and went through with its stage separation and second stage ignition. That said, it fell well short of its goal of an orbit of 425 miles, and is presumed to have fell back into the Earth's atmosphere before reaching a full orbit. Eventually, the company hopes to use the rockets to cheaply deliver satellites into orbit (at least as far as spaceflights go), although we're guessing that they're going to have to get some more of the kinks worked out before anyone entrusts them with their precious payloads.

[Via The New York Times]