Elon Musk's new SpaceX rocket plan uses a 'party balloon'

SpaceX’s Valuation Surges to $25 Billion With New Funding Round

Source SpaceX Wikimedia Commons

Late Monday, Los Angeles Mayor Eric Garcetti said in his State of the City address that the rocket that SpaceX and Tesla (TSLA) Founder Elon Musk wants to use to get to humans to Mars, would be built in the Port of L.A., confirming speculation after SpaceX started preliminary lease negotiations with the port in March.

The mayor said it's a "vehicle that holds the promise of taking humanity even deeper into the cosmos than ever before".

"If this year has taught us anything, it is to think big - to go after something unreachable". The upper stage is now the only major component of the rocket that the Hawthorne, California-based aerospace company has not tried to reuse in its pursuit of a fully reusable launch vehicle.

Planet hunters will be keeping their fingers crossed this evening as SpaceX flings NASA's 350kg Transiting Exoplanet Survey Satellite (TESS) into a highly elliptical orbit around the Earth. At the SXSW conference in Austin last month, Musk had informed that the construction of the first BFR rocket has already been started.

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The rocket is created to be reusable and will also be used to transport humans across Earth faster than ever before.

After successfully launching the Falcon Heavy, SpaceX announced that it's going to focus all of its energies on developing its massive interplanetary rocket that it's calling BFR or "Big F****** Rocket". He said that the BFR rocket will travel across the globe with lightning speeds and will fly people from NY to Shanghai in half an hour.

According to CNN, Los Angeles won't charge SpaceX rent for the facility it plans to use...at least not for more than 20 years.

SpaceX has used the port for its west coast recovery operations since 2012.

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