Elon Musk and his private spaceflight company SpaceX achieved history Monday when they successfully launched and returned a rocket to Earth.

SpaceX blasted a two-stage Falcon 9 rocket into orbit, before having the first stage of the spacecraft return safely to ground, Space.com reports.

The incredible event was captured via a live webcast.

SpaceX had tried and failed three times before achieving the feat, attempting to land the rocket on a targeted floating barge. This was the first time the company attempted to return the Falcon 9 to a target on land.

Company CEO Musk feared the trial had failed.

"I ran out on the causeway just to watch the landing, and the sonic boom reached me just as the rocket touched down, so I thought at first the rocket exploded," Musk told reporters at a teleconference after the event. "Then I went back into launch control and saw this amazing video of the rocket on the pad ... I can't quite believe it."

In addition to the successful landing, the rocket's upper stage was used to deliver 11 satellites to space for SpaceX's customer Orbcomm. This marks the first time a rocket has launched a payload into space and returned to Earth intact.

Musk believes his company's accomplishment will revolutionize space travel. As rockets generally cost as much as commercial airplanes, the ability to reuse spacecraft could drastically reduce spending.

For example, the Falcon 9 rocket costs about $16 million to build, according to Musk. However, the fuel used to propel the rocket costs only $200,000.

"I think this is a critical step along the way towards being able to establish a city on Mars," Musk said on Monday, via ABC News.

It was clearly a momentous occasion for the SpaceX crew as well. Watch their reaction to the successful landing below: