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SpaceX was founded by Musk, a South African-born businessman and entrepreneur. At age 30, Musk made his initial fortune by selling his two successful companies: Zip2, which he sold for $307 million in 1999, and PayPal, which eBay purchased for $1.5 billion in 2002, The New York Times reported. Musk decided his next major venture would be a privately funded space company.
Initially, Musk had the idea of sending a greenhouse, dubbed the Mars Oasis, to the Red Planet. His goal was to drum up public interest in exploration while also providing a science base on Mars. But the cost ended up being too high, and instead, Musk started a spaceflight company called Space Exploration Technologies Corp., or SpaceX, now based in the Los Angeles suburb of Hawthorne, California.