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SpaceX is developing a family of launch vehicles intended to increase the reliability and reduce the cost of access to space by a factor of ten. Located in El Segundo, California, the company was founded by CEO Elon Musk in June 2002. SpaceX is the third company founded by Mr. Musk. Previously he co-founded PayPal, Inc., the world's leading electronic payment system, which sold to online auction giant eBay!" for $1.5 billion in 2002.