The plan not only sees the establishment of a Moon base and a city on Mars within the next decade, but also much cheaper and larger payloads being sent into Earth orbit and maybe even hypersonic passenger travel.

In 2016, Elon Musk made a presentation and later released a white paper in which he outlined his ideas for turning mankind into a "multi-planet species" by building a "Battlestar Galactica" style fleet of spacecraft to carry people and cargo to the Red Planet. Now, at the IAC meeting in Adelaide, he has refined his ideas that revolve around his company's tentatively named BFR booster and reusable Mars Transport. 

In his presentation, Musk reiterated his argument that a completely reusable rocket that only requires refueling to fly again is much cheaper than today's practice of disposing of boosters entirely during each flight, comparing it to destroying a multi-million dollar private plane at the end of a flight rather than just chartering a much cheaper air liner.