Commercial spaceflight achieved a major milestone with the launch of Space Exploration Technology Corp.‘s (SpaceX) Falcon 9 rocket at 10:43 a.m. EST on 8 December. The rocket carries the company’s Dragon capsule, a reusable spacecraft intended to ferry astronauts, supplies, and research materials to the International Space Station (ISS).

The capsule is the first private spacecraft to orbit Earth, a feat that required a special license from the Federation Aviation Administration (FAA). It is expected to complete two orbits before reentry and splashdown in the Pacific Ocean about 500 miles west of Mexico.

The launch is the first of three demonstration flights that will be conducted over the next year under the Commercial Orbital Transportation Services (COTS) agreement between SpaceX and NASA. By late 2011, the company hopes to achieve the first docking of a commercial spacecraft with the ISS. Eventually, the Dragon capsule may bring as many as seven astronauts or up to 6,000 kg. of payload to the station. The launch represents a crucial stepping stone for NASA at it pursues plans to service the station with private contractors once the space shuttles are retired next year.

Update (2:10 pm): After a successful mission, the Dragon capsule splashed down at 2:05 p.m. EST

Image: NASA