VIDEO: Elon Musk's Just Showed Us How He Plans to Colonize Mars

SpaceX founder outlines $10 billion project at the International Astronautical Congress

SpaceX founder Elon Musk just unveiled his plan to boldly go where no (hu)man has gone before: Mars.

The renowned American entrepreneur spoke Tuesday at the International Astronautical Congress in Guadalajara, Mexico about how his space transport company could establish a Martian colony in the next few decades.

Musk also made a case for why his project is so important to the survival of mankind: "One path is to stay on Earth forever, and there will be some extinction event," he said, according to Gizmodo. "The alternative is to become a multi-planetary species, which I hope you will agree is the right way to go."

SpaceX's plan is naturally very technical, but two of its cornerstones are fiscally efficient reusable rockets and payload efficient transport ships, which refuel after reaching low-Earth orbit.

There are still plenty of kinks to work out, however. For starters, just last month an explosion on a SpaceX-leased launchpad caused one of Musk's Falcon 9 rockets to burst into flames. Additionally, the project is estimated to cost a whopping $10 billion.

Still, if everything works out as planned, ordinary citizens could soon be purchasing one-way ticket to Mars for about $200K a pop.

Check out SpaceX's quite literally out-of-this-world presentation video (above).