A private space company's attempts to land a pioneering "reusable rocket" suffered a serious setback Sunday - after the rocket exploded upon landing.

Dramatic, up-close footage shows the SpaceX rocket, which had been successfully sent into space to launch the Jason-3 climate satellite, attempting to land on a platform in the Pacific Ocean. SpaceX did not have permission to attempt the risky maneuver on land, and so an unmanned barge off the coast of California was chosen as a replacement.

However, despite initially settling on the platform, one of the rocket's four fins failed to deploy, causing it to topple and explode in a ball of fire.

It was the company's second failed attempt to land a reusable rocket - each one costing an eye-watering $16 million.

But SpaceX founder Elon Musk chose to look on the bright side following the latest abortive mission: