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Elon Musk said he would build a base on Mars by 2028 and show images of what this outpost could be.
SpaceX, the mogul of technology, is currently developing a device called Big Falcon Rocket, which will be used to take a Japanese billionaire on a tourist trip around the moon.
But this gigantic spacecraft will also be used to travel to Mars.
Musk recently shared an artist's impressions of the SpaceX Mars Base Alpha on Twitter.
In response to a question about when it could be built, Musk tweeted, "Probably 2028 for a base to build."
Earlier this year, Musk insisted that a Martian settlement he was planning to build would not be just a "loophole for the rich".
Speaking to SXSW, the billionaire hinted that people whose bank balance is in the red will also be allowed to live on the red planet.
It is not certain that they really want to do this because life on Mars may be pretty dirty at first.
Musk said it would only house "the most basic infrastructure."
"Just a foundation to create a propellant, a power station, explosive domes to grow crops, all of these fundamentals without which you could not survive," he said.
So that does not mean good old pubs, Greggs bakeries or other things that make life semi-bearable here in the UK … at least for a little while.
"There will be an explosion of entrepreneurial opportunities as Mars will need everything from iron foundries to pizzas to nightclubs," said Musk.
More: UK
Residents could expect a more just form of government called direct democracy in which "everyone votes on every issue".
Musk hopes to send a spaceship to Mars next year and build a colony to counter the "risk of human extinction," which he fears will occur in the metal hands of a super intelligent AI.
At SXSW, he also warned, "My words: AI is much more dangerous than nuclear weapons … I am very close to the forefront of AI and it scares me."
MORE: "It's so big!": Elon Musk presents the new SpaceX BFR "phallic" rocket
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