Mark Rocket and Peter Beck claim their company, Rocket Lab is the first privately-owned business in the southern hemisphere to make a successful space launch.

The Atea-1 rocket is capable of carrying payloads of up to four-and-a-half pounds -- Atea means "space" in the local Maori language.

Local media said that the rocket reached 3,100 miles per hour and stayed in the air for at least 10 minutes before splashing down to sea.