Space Exploration Technologies Corp. got a contract from Loral Space & Communications Inc. unit to launch an important commercial satellite on SpaceX rocket. The announcement made on Monday boosted the morale of the privately-held firm.

Loral is a world renowned leader in designing and manufacturing satellites as well as satellite systems for both commercial and Government applications, which include broadband communications, direct-to-home television, air traffic management and weather monitoring.

SpaceX is a commercial space company founded and funded by Internet entrepreneur Elon Musk. Its Falcon 9 rocket is test fired at a launch pad at Cape Canaveral Air Force Station in Florida.

Mr. Musk said, "This is a vote of confidence that SpaceX will play a significant role" in the global market for commercial satellite launches".

Earlier, Mr. Musk had managed to trap a lot of foreign scientific missions and commercial satellite launches. But it is for the first time that such a giant global manufacturer has announced to put a $150 million commercial satellite on the top of SpaceX 9 rocket, which had failed to prove itself earlier.