A system and method for magnetically launching projectiles or spacecraft includes an electromagnetic launcher including a launch tube, and a launch craft. The launch tube includes electrically conducting rails energized along the length of the rails, and a transverse direct current magnetic field is generated along the launch tube, and upper and lower conductors and loops of conducting material on the launch craft are provided for magnetic levitation, stabilization and propulsion of the launch craft in cooperation with the transverse direct current magnetic field. A transverse direct current magnetic field is applied to the launch tube and the launch craft during launching of the launch craft, and the launch craft is magnetically levitated and stabilized to minimize contact between the launch craft and the launch tube as the launch craft travels within the launch tube.