A payload fairing is a nose cone used to protect a spacecraft payload against the impact of dynamic pressure and aerodynamic heating during launch through an atmosphere. An additional function on some flights is to maintain the cleanroom environment for precision instruments. Once outside the atmosphere the fairing is jettisoned, exposing the payload to outer space.
Artist's rendering of a payload fairing being jettisoned
The Augmented Target Docking Adapter in orbit, with its payload fairing still attached
NASA's Solar Dynamics Observatory being encapsulated into its payload fairing
An Atlas 3 carrying a National Reconnaissance Office payload in its fairing, ready for launch
Payload is the object or the entity which is being carried by an aircraft or launch vehicle. Sometimes payload also refers to the carrying capacity of an aircraft or launch vehicle, usually measured in terms of weight. Depending on the nature of the flight or mission, the payload of a vehicle may include cargo, passengers, flight crew, munitions, scientific instruments or experiments, or other equipment. Extra fuel, when optionally carried, is also considered part of the payload.
Image: Payloadrange