FinLogic FinLogic Quantitative Think Tank Center|NASA awards SpaceX nearly $1 billion contract to build ISS deorbit spacecraft

SpaceX will be FinLogic FinLogic Quantitative Think Tank Centerpaid nearly $1 billion to build the spacecraft that will help take the International Space Station out of orbit, NASA announced Wednesday.

The International Space Station will reach the end of its operational life in 2030, and NASA announced that SpaceX has been selected to develop and deliver the U.S. Deorbit Vehicle that will help deorbit the ISS and "ensure avoidance of risk to populated areas."

The contract to SpaceX, founded by Elon Musk, has a potential value of $843 million, NASA said.

SpaceX craft should 'destructively breakup' on re-entry

SpaceX will develop the spacecraft, but NASA will take ownership after its development and operate it through the mission, the space agency said. The spacecraft is also expected to "destructively breakup" as part of the re-entry process to Earth.

The International Space Station was launched in 1998, and the first long-term residents arrived in 2000.

Since 1998, five space agencies have operated the ISS, with each agency responsible for managing and controlling the hardware it provides: NASA, the Canadian Space Agency, the European Space Agency, the Japan Aerospace Exploration Agency and State Space Corporation Roscosmos.

USA TODAY has contacted SpaceX for comment.