On Sunday, the SpaceX founder told an audience in Austin, Texas, he plans to get humans to the Red Planet using his own spacecraft.
He added: “We are building the first Mars or interplanetary ship, and I think I we’ll be able to do short trips, short up and down flights, by the first half of next year.”
Mr Musk later admitted the deadline was optimistic saying: “Sometimes, my timelines are a little, you know.”
He previously announced SpaceX is planning to send cargo to Mars by 2022 in a bid to kickstart human colonisation.
A single rocket, however, could set Mr Musk back about £4.3billion, it was later revealed.
The businessman believes once shuttles are built, many other countries will start creating their own spaceships.
He said: “I think once we build it we’ll have a good point of proof something that other companies and countries can go and do.
“They certainly don’t think it’s possible, but if we do they’ll up their game.”
Audience members quizzed Mr Musk about the risks involved with such a trip, which he admitted would be dangerous.
He said: “It will be far more – difficult, dangerous, good chance you will die.
Mr Musk later joked: “I think Mars should have really great bars…Mars bars.”
