Musk spoke about the journey to Mars

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People would probably live under the geodesic dome, while the rockets in the surroundings would be there since their arrival and possibly in case of emergency. In addition to that this mission would place power and mining infrastructure as well as life support for future missions. The billionaire entrepreneur does have a track record of setting ambitious time frames for SpaceX, and failing to meet them.

At the end of his hour-long presentation, Musk just casually dropped plans for rocket-based worldwide travel here on Earth.

He shied away from giving specific numbers. Earlier in the evening, Musk tweeted he "Will be announcing something really special at today's talk" related to "making humanity multi-planetary".

The presentation also focused on other uses for the rocket, including for use going to the moon and building a permanent base.

Musk didn't say there were concrete plans for the project, as of yet, but The Verge said he hopes to start the rocket's construction "in the next six to nine months".

Musk said a base on the moon would make space travel heaps easier because you wouldn't need to keep coming back to Earth to re-fuel.

And it may come in handy closer to home. As well as plans to colonise Mars and build a moonbase via travelling with the BFR, Musk envisions the rocket carrying out journeys to destinations on Earth.

An initiative of this caliber coming from the private sector will certainly make some eyes around the world turn to SpaceX.

Speaking on the final day of the 68th International Astronautical Congress (IAC) here, SpaceX founder and CEO Elon Musk made the announcement of the plans, reports Xinhua news agency. Another factor has been the development of autonomous systems that will allow the Crew Dragon to dock directly with the International Space Station (ISS) rather than being guided to its berth by a robotic arm like the cargo version.

He says he is refocusing his SpaceX company to work on just one type of vehicle that could do all of the firm's current work and interplanetary travel. It's still more powerful than any of SpaceX's or NASA's other planned rockets.