The song was written by Kiss guitarist Ace Frehley and Sean Delaney. Frehley sang lead vocals, and he noted in the booklet for the 2001 Kiss Box Set that this was his first vocal performance that he was satisfied with. It was the only studio track of the five recorded for Alive II that he performed on, as Bob Kulick was brought in to play guitar on some of the other tracks.
Like many of Kiss's works, the song is a double entendre, using space travel (appropriate to Frehley's onstage "Spaceman" persona) as an innuendo for sexual intercourse.
Hide sampled the intro for his 1998 single "Rocket Dive", the title also being an homage to the song. Ace Frehley's 2008 tour, The Rocket Ride Tour (in support of his album, Anomaly) is named after this song.