SpaceX postpones launch of its first internet network satellites

SpaceX's Falcon 9 spacecraft, with the Dragon reusable capsule, sits on the launch pad on May 18, 2012 in Cape Canaveral, Florida. The rocket is being prepared for a May 19 lift off to hold systems tests and complicated maneuvers.WASHINGTON - SpaceX postponed a launch of 60 satellites into low-Earth orbit that was scheduled for Thursday night, possibly until next week, citing a need for software updates.

Billionaire Elon Musk's firm, which is leading the private space race when it comes to rocket launches, is now looking to seize a chunk of the future space internet market. That could earn SpaceX an eye-watering $30 billion a year, more than ten times what rocket launches make, he added. SpaceX will therefore have to replace them regularly -- something that only became realistic from a price perspective recently with the rapid decline in the cost of manufacturing satellites and the development of mini-satellites.SpaceX has obtained approval from the US government to launch up to 12,000 satellites, at varying levels of orbit, but Musk said Wednesday that a thousand would be enough for it to be"economically viable.

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