"The SpaceX Falcon 9 rocket soared into space from Space Launch Complex-40 on Cape Canaveral Air Force Station in Florida, carrying the Dragon capsule to orbit at 3:44 a.m. EDT on Tuesday, May 22, 2012. The launch is the company's second demonstration test flight for NASA's Commercial Orbital Transportation Services, or COTS, Program. During the flight, there will be a series of check-out procedures to test and prove Dragon's systems, including rendezvous and berthing with the International Space Station. If the capsule performs as planned, the cargo and experiments it is carrying will be transferred to the station."
Source: NASA
This is really cool stuff. This proof of concept launch is just a test drive for what's to come. But folks this wasn't a entirely private enterprise endeavour because it was funded, afterall, by a NASA contract. The only thing different was NASA didn't take ownership of the vehicle. But it's a good start and it means high tech jobs!