Musk has released a paper that estimates the current cost of getting 12 people to start a colony on Mars at $10 billion, reports Recode. However, he believes that he's found a way to reduce that to under $100,000, which is less than the cost of most private colleges in the U.S. Yet it's safe to say that Musk's plans for how to carry this out, at this point, are rather loose.
He says you would need a bigger rocket than currently exists right now, capable of carrying millions of tons of cargo in one go, and then it would need to be able to refuel in orbit, and the people on Mars would need to be able to produce their own fuel on the red planet for return trips to Earth, so the rocket could be reusable.
Colonizing Mars (thanks Prof Hubbard for creating this from my talk). Major changes to the plan coming soon. https://t.co/s59qMHUj5O— Elon Musk (@elonmusk) June 17, 2017