Starship prototypes are pictured at the SpaceX South Texas launch site in Brownsville, Texas, U.S., May 22, 2022. Picture taken May 22, 2022. REUTERS/Veronica G. CardenasStarship prototypes are pictured at the SpaceX South Texas launch site in Brownsville, Texas, U.S., May 22, 2022. Picture taken May 22, 2022. 

As the company works to complete environmental impact requirements outlined by the FAA, it is closing in on the next major milestone.

The company's prototype rocket will be ready to fly by July, with Musk's space venture aiming to reach space for the first time.

Delays in development progress and regulatory approval pushed back the planned launch of the Starship flight test by a year. A critical environmental decision was made Monday by the FAA. More than 75 of the agency's actions need to be fulfilled before the launch license can be applied for.

Musk said in a series of posts that he was at the facility in Texas on Monday to review progress on the rocket. He said that the company would have a second stack ready to fly in August.

The company is working on a rocket that can carry cargo and people out of Earth's atmosphere. The rocket and its booster are powered by the same engines. It has yet to reach space despite completing multiple high altitude flight tests.