(Elon Musk wants to colonize Mars with SpaceX.Anaele Pelisson/Business Insider; Getty Images; Shutterstock; SpaceX)

Elon Musk, the billionaire founder of SpaceX, has presented an updated plan for colonizing Mars with 1 million people.

The International Astronautical Congress in Adelaide, Australia, hosted Musk's presentation on Friday, and SpaceX streamed video of the event via a YouTube Live feed. (You can rewatch the 42-minute talk here.)

Musk tweeted on Monday that he'd unveil "major improvements" and "unexpected applications" in the talk, which is an update to his one-hour presentation at last year's IAC in Guadalajara, Mexico — where he revealed his gigantic Mars vehicle plans.

"This should be worth seeing," Musk tweeted before his IAC 2017 talk. "Design feels right."

Here are the highlights of Musk's latest presentation.

Musk started off by teasing a big improvement in cost.

(SpaceX/YouTube)

First, Musk opened his talk with some inspirational words.

"Fundamentally, the future is vastly more interesting and exciting if we're a space-faring civilization and a multi-planet species than if we're not," he said. "I can't think of anything more exciting than going out there there among the stars."

But he quickly got down to business outlining the updates to his IAC 2016 talk in Mexico.

"I think the most important thing I'm going to convey in this presentation is that I think we've figured out how to pay for it," he added, referring to the launch system.

Musk previously called it the "Interplanetary Transport System" or ITS, but this year he re-adopted an older name: the BFR, which is short for "Big F---ing Rocket."

"We're still searching for the right name," he added.

Musk said the goal of the BFR is to replace all of SpaceX's current launch and spaceflight systems, including its 229-foot-tall Falcon 9 rocket, the upcoming Falcon Heavy rocket, and its spaceship for NASA, the Dragon.

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