Space-X gives updates on new ventures

(CBS) -- Elon Musk, the billionaire founder of Space-X, unveiled incredible plans this morning, introducing a future rocket that could travel throughout our solar system and also potentially revolutionize transportation here on Earth.

You can take a look at what's called the 'Big Falcon' rocket, flying at a maximum speed of 18,000 miles per hour. Musk says it will transport humans anywhere on this planet- in under an hour- for around the same price as an economy airline ticket.

The tech mogul also announced new details on his plan to colonize Mars.

This slide shows what he imagines a Mars community would look like.

"I can't think of anything more exciting than going out there and being among the stars," Musk said.

Space-X plans to send two cargo ships to the red planet in 2022, to find water resources, and place power, mining and life support infrastructure.

"We can complete the ship and be ready for a launch in five years. Five years seems a long time to me," Musk stated.

In 2024, comes the first manned mission to Mars. The re-designed Space-X rocket will be reusable and hold about 100 people, and include common areas, a galley, and a solar storm shelter.

One big question is the cost of the 140 million mile trip. Last year musk said it would be about $200,000 a ticket.