ADELAIDE, Australia (CBS) — SpaceX CEO Elon Musk has unveiled a future rocket that could revolutionize transportation here on Earth and in outer space.

Musk calls it the “Big Falcon Rocket.”

Flying at a maximum 18,000 mph, Musk says it will transport humans anywhere on this planet in less than an hour.

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Even more ambitious is the billionaire unveiling new details on his plans to colonize Mars.

He plans to use that same rocket to reach the red planet and expects the ship to be ready for launch in five years.

“I can’t think of anything more exciting than being among the stars,” said Musk.

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One big question is the cost of the 140-million mile trip to Mars.

Last year, Musk said it would be about $200,000 a ticket.

Construction of the first rocket is set to begin next year.