WATCH: Space X on a mission to change the way we travel

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Former NASA chief technologist Bobby Braun, now dean of the college of engineering and applied science at the University of Colorado at Boulder, also sees Musk's plan as a step in the right direction, building on technologies SpaceX already has demonstrated, like reusable rockets.

Construction of the BFR will begin at the start of 2018.

The rocket capable of doing this will be called the BFG and it would work by a person traveling to an ocean or a large body of water, getting on this rocket and heading to their destination at a max speed of 27,000 km per hour.

Information on passenger experience, travel regulations and the overall landing process are still lacking.

The Concorde, which last flew in 2003, is barely remembered today.

"That's not a typo - although it is aspirational", he said about the ambitious timeline, per CNN.

Nasdaq 100 futures edged higher by 0.2% in Friday's premarket session, while Dow and S&P 500 futures edged lower as Wall Street continued to debate the likelihood of meaningful tax reform.

But with the facility already half finished, the US billionaire looks set to get paid. And is said to haul more cargo than the Saturn V rocket that brought men to the moon.

The concept involves regular passengers using the multi-planetary transport system for the price of a regular airline ticket. "That's the...dream of Apollo that I think people are really looking for". Even worse, the Concorde was tricky to fly and dogged by high-profile crashes and safety incidents.

The rocket will be 106 meters long with a 9-meter diameter.

Escaping Earth's gravity is no easy feat either.

The move should make it possible for SpaceX to afford the BFR's development, he said. Rockets have so far been used for interplanetary missions, to launch satellites. Maybe that doesn't matter.

Such reusability is key to making Mars settlement economically feasible, Musk stressed. "What the hell has been going on?" asked Elon Musk during his 40-minute electrifying speech.