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Falcon 9, the rocket belonging to space company founded by tech billionaire Elon Musk, SpaceX, just did what no other spacefaring rocket has ever done. After making its trip to the low orbit, the rocket landed upright on its insect-like metal legs. This, mostly intact, rocket has completed a harrowing journey and is ready to be refurbished and reused. "Welcome back, baby," Musk tweeted in celebration. According to Musk, reusability is "the fundamental breakthrough needed to revolutionize access to space." For several decades, companies and governments have been dreaming of a rocke that can cut down its high cost and save hundreds of millions of dollars per launch.

Despite the big launch, SpaceX didn't stop at Falcon 9. Instead, its next goal is to go bigger and produce a more powerful rocket to match the current smaller version. Falcon Heavy will be almost three times the size of Falcon 9 and will be able to carry much higher load to the earth's low orbit. However, Falcon 9 can only carry 13 tons of space-station supplies or other cargo required at that altitude, reports the Daily beast.

Another innovation in the making is the private space firms. Virgin Galactic, founded by British Billionaire Richard Branson and Burt Rutan, American aerospace expert, to become the first "spaceline" in the world. The company will boost the tourists 50 miles into the sky, to the edge of the atmosphere and then get them back safely to the ground. Virgin Atlantic has already got 700 customers who paid $250,000 to take a near-orbital ride, reported Daily Beast

Another invention to look out for is the mining of the moon. A company founded by Bob Ricahards, Naveen Jain and Barney Pell, Moon Express, aims to "develop the resources of the moon for the benefit of life on Earth and humanity's future in space," according to the company's website. However, it is yet to be seen how the company will transport or sell these resources on Earth.