Musk spoke about the journey to Mars

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The International Astronautical Congress in Adelaide, Australia, hosted Musk's presentation on Friday, and SpaceX is streaming video of the event via a YouTube Live feed.

At the end of his hour-long presentation, Musk just casually dropped plans for rocket-based global travel here on Earth. The spaceship can also be refueled in orbit for missions beyond Earth orbit, particularly Mars. "Anywhere on Earth in under an hour".

The video concludes by saying the rocket travel is capable of sending passengers from Los Angeles to Toronto in 24 minutes and from London to NYC in just 29 minutes.

The rest of the vehicle - carrying the passengers - continues on to land on a water-based landing pad near Shanghai after a flight time of 39 minutes.

Although on the latter, Musk seems to have it covered: "Cost per seat should be about the same as full fare economy in an aircraft", he wrote on Instagram. "Forgot to mention that". Given SpaceX's history of rocket development, it's entirely conceivable the firm will be able to construct the BFR.

Musk, 46, has a net worth of more than $20bn and has said in the past he'd use his own personal assets to help fund his vision. "This will enable the creation of a lunar base. What the hell's going on?"

"Over time we want to terraform Mars and make it a nice place to be", he said. "It's about believing in the future and thinking the future will be better than the past". Musk himself admits this goal is "aspirational", but construction work will begin in the next 6-9 months, so we can follow the progress closely.

Humans on Mars by 2022, and a city of one million people there shortly after.

Musk, chief executive of SpaceX and Tesla Inc. Now they must also get used to the idea that the Falcon will eventually be replaced by another rocket system - the BFR. "If (customers) want the old vehicle, they can do that but all of our resources will turn toward building BFR".

The company thinks it can make enough money from its current business of launching satellites and servicing the International Space Station to finance its Mars ambitions.

So far, SpaceX has invested in prototypes of a massive composite propellant tank and the methane-fueled Raptor rocket engine, both of which Musk showed previous year.

"It's really insane we have all these sophisticated rockets and then crash them every time we fly", he said.

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