(CNN) -- SpaceX's Falcon 9 rocket launched from Florida Wednesday morning, marking what could be a significant step toward commercial space travel.

The craft lifted off from Kennedy Space Center at 10:43 a.m. ET.

The launch and a successful re-entry would be steps toward commercial space ventures that could eventually ferry astronauts and cargo to the International Space Station. It also coincides with the scaling back of some publicly-funded space programs.