SpaceX CEO Elon Musk has unveiled his plans to take humans to Mars. Speaking at the 67th annual International Astronautical Congress in Guadalajara, Mexico, the billionaire founder of PayPal elaborated that the plan includes the use of carbon fiber fuel tanks, reusable rockets, and ultra-powered engines. Musk computed the current cost of developing the rocket to Mars at about $10 billion.

SpaceX plans to take humans to Mars by 2024. The company is currently self-financing the project. However, in the future, it may look to create a public-private partnership to bear the cost of the project. The company expects its rockets to accommodate about 100 passengers.

Musk clarified that it might take as long as between 40 years to a century to develop a self-sufficient city on Mars. The project would involve more than 10,000 flights to ferry humans, supplies, and equipment to the red planet. Initially, tickets to Mars are likely to cost $500,000 per person. However, the company plans to bring the ticket price down to one-third of the initial price.

While Musk's plan is technically sound, the big question is about funding for the project. The New York Times quoted Scott Pace, director of the Space Policy Institute at George Washington University and a former NASA official, stating that the address did not provide any compelling reason for any organization to fund the project. Musk plans to use funds from SpaceX's other businesses for the Mars project.