Hopefully, it's third times the charm for Elon Musk's space company as SpaceX attempts to realize its plan of launching a reusable rocket to carry cargo to the International Space Station and safely return home after two failed attempts in the past.

The third attempt is scheduled to happen Sunday morning, with the actual launch happening at exactly 9:21 a.m. CDT, reports AL.com.

Like Us on Facebook

The reusable rocket is set to leave its launch site, a barge-like boat in the Atlantic Ocean, and NASA TV will cover this crucial event in man's continued quest for outer space knowledge.

The landing will be carried out automatically after the Falcon 9 rocket successfully separates from the capsule and a second-stage engine that is already programmed to continue orbiting.

The rocket was designed to turn itself around after the separation and head its way back to make a landing.

The main reason why the 13-story unmanned Falcon 9 is expected to return is for the Hawthorne-company to reuse it again, Los Angeles Times has learned.

"If one can figure out how to effectively reuse rockets just like airplanes, the cost of access to space will be reduced by as much as a factor of a hundred," Musk said. "A fully reusable vehicle has never been done before. That really is the fundamental breakthrough needed to revolutionize access to space."

It has been one of the major goals of the space industry to come up with rockets that are reusable so that they could cut down on the cost of space travel in future missions.

While this is the third attempt for SpaceX to launch a reusable rocket, this is the seventh time that SpaceX is working with NASA to carry valuable cargo to the ISS.

If the goals of Sunday's mission will be achieved impeccably, the Hawthorne-company will push through with its plan of launching from Vandenberg Air Force on Aug. 9 and attempt a land-based rocket landing, as well as a drone ship landing afterwards, according to Popular Mechanics.

Check out the embedded official stream of the SpaceX mission this Sunday.

Broadcast live streaming video on Ustream
Broadcast live streaming video on Ustream

TagsSpaceX Mission, rocket, International Space Station, NASA