UPDATE: The SpaceX launch has been rescheduled for tomorrow afternoon due to weather.

SpaceX is attempting another historic rocket landing.

The private space exploration company founded by billionaire entrepreneur Elon Musk will try to land a Falcon 9 rocket upright on an unmanned platform floating in the Atlantic Ocean off the coast of Florida.

Phil Keating reported on "America's Newsroom" that SpaceX only gave itself a 50-50 chance during its first attempt at the controlled reentry and targeted touchdown of a rocket in January, which ended in a spectacular crash-landing.

"Today, a couple months later, they're giving themselves much more optimistically an 80 percent prediction of success," Keating reported.

Keating explained that about nine minutes after liftoff, the rocket will detach and descend back to Earth. It will reignite its boosters to have a controlled, soft landing on the floating landing pad.

Keating reported that Musk wrote on the SpaceX website, "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."

"A fully reusable vehicle has never been done before. That really is the fundamental breakthrough needed to revolutionize access to space."

The launch is scheduled for 4:33 p.m. ET Monday afternoon. You can watch it live on SpaceX's website.

Watch the "America's Newsroom" clip above.

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Photos/Video: Unmanned Rocket Explodes 6 Seconds After Liftoff