As an experiment, both of the rocket's two stages were restarted during flight.
Musk is particularly interested in developing the technology to fly the Falcon's first stage back to the launch site or have it gently splash down in the water so its motors can be recovered, refurbished and reflown. Currently, after delivering their payloads into orbit, the boosters tumble back toward Earth and essentially explode mid-air before crashing into the sea.
"The most revolutionary thing about the new Falcon 9 is the potential ability to recover the boost phase, which is almost three-quarters of the cost of the rocket," Musk said.
Neither engine restart test went perfectly, but engineers were able to get enough data to plan on a demonstration flight next year.
"The most important thing is we now believe we have all the pieces of the puzzle," Musk said.
The upgraded Falcon 9 v1.1 has engines that are 60 percent more powerful than previous versions, longer fuel tanks, new avionics and software and other features intended to boost lift capacity and simplify operations for commercial service.
Privately-owned SpaceX has contracts for more than 50 launches of its new Falcon 9 and planned Falcon Heavy rockets.
Ten of those missions are to fly cargo to the International Space Station for NASA. The other customers are non-U.S. government agencies and commercial satellite operators.
SpaceX also has two contracts for small U.S. Air Force satellites but is looking to break the monopoly that United Launch Alliance, a partnership of Lockheed Martin and Boeing, has on flying big military satellites as well.
SpaceX already has flown three Dragon capsules to the station and made two other successful test flights with its older version Falcons.
Falcon 9's next mission is to put a communications satellite into orbit for SES World Skies. The launch is targeted for next month from Cape Canaveral Air Force Station in Florida.
"We accomplished a lot today," Musk said. "We have a little bit of work to do obviously, but all-in-all I think it's been a great day."
(Editing by Paul Simao)
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