"I'm convinced the first person to step foot on Mars will arrive there riding a Boeing rocket," Muilenburg said at the Chicago event on innovation, which was sponsored by the Atlantic magazine.

Like Musk's SpaceX, Boeing is focused on building out the commercial space sector near earth as spaceflight becomes more routine, while developing technology to venture far beyond the moon. The Chicago-based aerospace giant is working with the National Aeronautics and Space Administration to develop a heavy-lift rocket called the Space Launch System for deep space exploration. Boeing and SpaceX are also the first commercial companies NASA selected to ferry astronauts to the International Space Station.

Muilenburg sees space tourism closer to home "blossoming over the next couple of decades into a viable commercial market." The International Space Station could be joined in low-earth orbit by dozens of hotels and companies pursuing micro-gravity manufacturing and research.