Elon Musk unveiled his latest new vision Friday - flying anywhere on earth in under 60 minutes for the same price of a full fare economy ticket.

In a surprise announcement at a space industry conference in Australia, the SpaceX and Tesla (TSLA) - Get Tesla Inc Report CEO demonstrated how interplanetary rocket systems could be used for long distance travel.

In an Instagram post, Musk wrote: "Fly to most places on Earth in under 30 mins and anywhere in under 60. Cost per seat should be about the same as full fare economy in an aircraft. Forgot to mention that."

Musk said that SpaceX's forthcoming mega-rocket, codename "Big F**king Rocket" or BFR, could be used to lift a massive spaceship into the orbit of the earth. The ships would land on floating landing pads outside major cities.

The rocket would have a max speed of 27,000 km an hour, according to Musk's Instagram post. The video said that using the system passengers could get from London to New York in 29 minutes and New York to Paris in 30 minutes.

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Both the rocket and earth orbiting spaceship are theoretical for now, but Musk hopes construction will begin in on the rocket in the next six to nine months. 

While Musk's plans to shuttle humans around earth are largely theoretical, fears that real competitors are emerging for his electric car company Tesla are spooking investors. Jim Chanos told Bloomberg that the carmaker is "structurally unprofitable" and too leveraged. 

"Three years ago, this company was supposed to be making money now," Chanos said in an interview Thursday on Bloomberg Television. "Now it's supposed to be making money by 2020. And I'm guessing by 2019, we'll hear about 2025."

Tesla shares were up 0.71% in premarket trading, indicated to open at $342.

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