SpaceX CEO Elon Musk has revealed plans use rocket technology for flights - creating flights from London to New York in under 30 minutes.
Mr Musk revealed the company's latest ambitions - plans for Mars colonisation and an interplanetary rocket transportation system - at the International Astronautical Congress event in Adelaide, Australia, on 29 September.
The billionaire said the new BFR Spacecraft would be able to fly to most places on Earth in under half an hour, and anywhere in an hour - with a ticket costing roughly the same as an economy class plane seat.
According to the Telegraph, the reusable rockets would have a maximum speed of 16,777 mph, although Earth flights would travel at just over 7,000mph, meaning it would be possible to complete flights of thousands of miles in as little as 22 minutes.
In his speech, Musk said that he intends to land at least two ships on Mars by 2022 and slowly build a base on the red planet, making it a "nice place to be."
The same rocket technology could also be used on Earth, Musk added, and showed a promotional video of a rocket transporting passengers from New York City to Shanghai.
"Fly to most places on Earth in under 30 mins and anywhere in under 60," Musk wrote when he posted the video to Instagram.
"Cost per seat should be about the same as full fare economy in an aircraft. Forgot to mention that."
Not only would a flight from New York to London take 29 minutes, but a service from Sydney to London could be completed in 51 minutes, SpaceX claimed, adding that the craft could carry up to 100 people.
According to CBS News, Musk said of the development of the BFR rocket: "We've already started building the system.
"The tooling for main tanks has been ordered, the facility is being built.
"We'll start construction of the first ship in about six to nine months. I feel fairly confident we can complete the ship and be ready for launch in about five years."