SpaceX to make history early Saturday. Watch it live.

PayPal co-founder Elon Musk’s private space company SpaceX is about to put May 19th, 2012 in the history books.

If all goes as planned, early tomorrow morning SpaceX’s Dragon capsule will take off and begin its long ascent to the International Space Station. Once docked, it will resupply the station and parachute back to Earth.

It’s the world’s first private spacecraft to dock with the International Space Station.

Who hasn’t dreamed of exploring the reaches of ‘the final frontier.’ If SpaceX is successful, it is a major achievement for humankind and a testament to the possibilities of peaceful social cooperation. It’s the first step towards opening worlds beyond Earth for study, commerce, and maybe even habitation.

SpaceX is also achieving something noticed less than their technological advances — bringing competition into space. The firm has a history of putting some much-needed price pressure on space technology contracts. Their docking on Saturday is part of a potential contract which undercuts Russia’s current commercial arrangement with the station.

Watch history in the making with their live webcast. The complete schedule is here.

Forbes has more.