The rocket was launched from Cape Canaveral in Florida.
It was made by Spanish firm Hispasat.
Mr Musk said the Hispasat satellite is the “largest geostationary satellite we’ve ever flown”.
It weighs more than 13,400 pounds (6,092 kilograms) — making it one of the heaviest payloads for SpaceX.
Tweeting ahead of the launch, he said: “Falcon 9 flight 50 launches tonight, carrying Hispasat for Spain. At 6 metric tons and almost the size of a city bus, it will be the largest geostationary satellite we’ve ever flown.”
Usually after SpaceX blast a rocket into space it returns back to Earth so it can be reused – however due to “unfavourable weather conditions” they did not attempt to do so this time.
SpaceX’s geostationary satellite will orbit around the earth at a height of around 22,000 miles.
It takes one day for them to complete each orbit and are typically used for communications like satellite TV or satellite navigation systems.
Hispasat’s satellite will allow the Spanish company to expand its broadband offering across Europe and northwest Africa.
They believe the 30W-6 satellite will last for around 15 years in orbit.
Hispasat is the leading distributor of Spanish and Portuguese content, with more than 1,250 television channels and radio stations.
Billionaire Elon Musk has been pushing SpaceX to do more regular launches this year and has also expanded its offerings, after it successfully launched the Falcon Heavy last month, the world’s most powerful commercial rocket.
Falcon Heavy was the latest step in Mr Musk’s mission to colonise Mars – he wants to put humans on Mars by 2062
And the £65million rocket was just the start of the plans.
Gwynne Shotwell, president and COO of SpaceX, told Ashlee Vance, author of Elon Musk: How The Billionaire CEO of SpaceX and Tesla is Shaping Our Future: “Our Falcon Heavy will not take a busload of people to Mars. So, there’s something after Heavy. We’re working on it.”
It has since been revealed it would be the Interplanetary Transport System, nicknamed. The Big F***ing Rocket.
The success of the launch has given Mr Musk hope for more advancement in the future.
The entrepreneur said: “I can imagine large numbers of those, just coming in and landing, taking off, landing, doing many flights per day. “I think it gives me a lot of faith for our next architecture, our interplanetary spaceship.”