A privately owned company put a spacecraft into orbit and brought it back safely on Wednesday in a groundbreaking test flight NASA hopes will lead to cargo runs to the International Space Station after the space shuttles are retired next year.

The NASA-backed mission was designed to try out a new system for delivering cargo, and possibly crew someday, to the orbital outpost. It was the first time a private company launched and returned a capsule from orbit.

Space Exploration Technologies' Falcon 9 rocket lifted off at 10:43 a.m. EST (1543 GMT) from Cape Canaveral Air Force Station, carrying the company's first operational Dragon capsule.

After two orbits of Earth, it parachuted to a splashdown in the Pacific Ocean shortly after 2 p.m. EST (1900 GMT).

Two more test flights are planned, though SpaceX wants to combine the pair and attempt to dock at the station next summer before its first cargo-delivery mission, slated for November.

SpaceX, which is owned and operated by Internet entrepreneur Elon Musk, is one of two firms holding a combined $3.5 billion in NASA contracts to deliver cargo to the space station when the space shuttles are retired after two or three more missions

NASA is contributing $500 million to SpaceX and Orbital Sciences Corp to develop and test-fly their spacecraft. Orbital's Taurus 4 rocket is scheduled to debut next year.

During Wednesday's test flight, the Dragon capsule ran through a preprogrammed series of maneuvers that simulated an approach and docking with the space station.

After about three hours, Dragon fired four of its 18 thruster rockets to leave orbit and re-enter the atmosphere, giving its heat shield a workout that could not be simulated on Earth.

The capsule survived re-entry and landed about 500 miles off the coast of Mexico. The company rented a NASA ship to retrieve the capsule.

"There's so much that can go wrong, and it all went right. We didn't even have to go to any backup systems at any point ... I'm sort of in semi-shock," Musk told reporters.

SpaceX has spent more than $600 million developing Falcons and Dragons.