NEW YORK (TheStreet) -- SpaceX CEO Elon Musk and the space company's Falcon 9 rocket have support from XPrize Foundation founder and Planetary Resources cofounder Peter Diamandis, he said on CNBC's "Closing Bell" Thursday afternoon.
A SpaceX rocket exploded earlier this month on a Cape Canaveral, Florida launchpad. Additionally, in June 2015, SpaceX had a rocket break apart about two minutes into the flight.
"Could [the Falcon 9 explosion] set back private space exploration at a time when the public piece of it isn't really stepping up either?" CNBC's Kelly Evans asked Diamandis.
"I think it might set it back just a small amount. I have huge confidence in the Falcon 9 design and in Elon to make it work," Diamandis answered.
The Falcon 9 is the "most revolutionary space design ever by a long margin," but people have to remember that it's still in the early days, he said.
"We're still in the 1920s equivalent of aviation," Diamandis explained. "And the more we fly, the more robust these systems are going to get."
Going forward, Diamandis hopes to "open up the space economy," he noted.
"We're going to get systems that we can all fly on routinely at a low cost. That is coming over the next 20 years. It's not far away. It's our lifetime," Diamandis claimed.