Elon Musk, the billionaire founder and CEO of the private spaceflight company SpaceX, wants to help establish a Mars colony of up to 80,000 people by ferrying explorers to the Red Planet for perhaps $500,000 a trip.

In Musk's vision, the ambitious Mars settlement program would start with a pioneering group of fewer than 10 people, who would journey to the Red Planet aboard a huge reusable rocket powered by liquid oxygen and methane.

"At Mars, you can start a self-sustaining civilization and grow it into something really big," Musk told an audience at the Royal Aeronautical Society in London on Friday (Nov. 16). Musk was there to talk about his business plans, and to receive the Society’s gold medal for his contribution to the commercialization of space.

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