The announcement at SpaceX's headquarters in Hawthorne, Calif., followed days of speculation over the identity of the first passenger - and months of chatter about the capabilities of the BFR, an acronym for "Big Falcon Rocket" in its G-rated interpretation.
In announcing the event last week, SpaceX described the journey as "an important step toward enabling access for everyday people who dream of traveling to space".
Musk hinted it might be a Japanese passenger, prompting Twitter to throw out names of very rich people like entrepreneur Yusaku Maezawa and legendary video game designer Hideo Kojima.
Mr Musk has said he wants the rocket to be ready for an unpiloted trip to Mars in 2022, with a crewed flight in 2024. The BFR, announced in September 2017, eventually will replace SpaceX's other launch vehicles, the Falcon 9 and Falcon Heavy, as well as its Dragon spacecraft.
An off-the-cuff tweet also left investors reeling after Musk said he planned to take Tesla, his electric auto company, private.
The BFR is SpaceX's upcoming two-stage reusable spaceship system that will weigh 9.7 million pounds and be capable of taking a 330,000 pound payload to Mars and lower-Earth orbit (LEO), officials say.
SpaceX chief operating officer Gwynne Shotwell has said the BFR's first test flight should take place next year.
But Musk threw a curve ball during a Falcon Heavy press conference earlier this year when he told reporters that, for the time being, SpaceX had no plans to certify the Falcon Heavy for human spaceflight.
By comparison, the Falcon Heavy is 70m tall and consists of a central rocket core surrounded by two boosters, each with a diameter of 3.66m.
The spacecraft will continue on toward the Moon, powered by its own engines. USA astronauts generally made the trip in about 3 days.
Russian and Chinese companies are also working on space tourism plans.
Next year, SpaceX - which has received billions in NASA funding to ferry supplies to the ISS and build a crew vehicle - hopes to become the first private company to send astronauts to the space station.