SpaceX CEO Elon Musk: Europe's rocket 'has no chance'
19 November 2012 Last updated at 10:20 GMT
SpaceX CEO and chief designer, Elon Musk, talks to the BBC's science correspondent Jonathan Amos at The Royal Aeronautical Society.
California-based SpaceX (Space Exploration Technologies Corporation) became the first company to launch a privately operated rocket, Falcon 9, on a mission to the International Space Station, and now has its sights set on commercial satellite launch market.
As ministers meet to discuss the funding of Europe's space programme, Elon Musk says he believes Europe's rocket, Ariane 5, does not have a future in an increasingly competitive market.
Ariane 5's prime contractor, Astrium Space Transportation, has previously said it will find new production technologies and cut costs to meet the challenge.