Jeff Bezos' space company Blue Origin announced Monday, the company is preparing to launch its New Glenn giant rocket for the second time in "late spring." The company also believes it has identified the reason why the booster stage failed when it attempted to land on an offshore platform during its first flight in January.

Blue Origin said it has identified "seven corrective actions" as part of a review of the booster malfunction required by the Federal Aviation Administration. These measures mainly revolve around "propellant management and engine exhaust control improvements." The company said it has submitted all this information to the Federal Aviation Administration.

New Glenn is Blue Origin's first rocket capable of entering Earth orbit. The company also hopes to use it to travel further into space. Proving these capabilities and showing that the rocket can perform missions repeatedly is key to giving Blue Origin the ability to compete with Elon Musk's SpaceX, which currently dominates the launch market.

The 320-foot-long rocket has been in development for years and faced numerous delays. Blue Origin finally tested it in January. The company said the rocket's second stage successfully entered orbit, but the booster's three engines failed to restart properly when it returned to Earth, and it will attempt another booster landing on New Glenn's second test flight.