In his keynote speech at South By Southwest in Austin, Texas, SpaceX founder Elon Musk expounded on why the company has opted to pursue developing reusable rockets for its commercial space flight program.

Until now, most rockets used by space agencies end up on the bottom of the ocean, but Musk believes that recycling rockets is an important part of pushing space exploration forward, claiming that it could result in a "100-fold reduction in the cost of spaceflight."

SpaceX has been testing a vehicle capable of both vertical takeoff and vertical landing dubbed the Grasshopper.

During his speech in Austin, Musk presented video from the latest test of the Grasshopper, which can be seen in the clip below lifting to a height of 262.8 feet, or 80.1 meters, hovering briefly and then returning to the ground for a soft landing.

This latest "hop" builds off a previous test in December that saw the rocket hover at about half the height and another from September that just barely left the ground.

Check out the full video, complete with Johnny Cash soundtrack:

Source: YouTube