A massive new spaceport is planned to launch rockets. The project is expected to cost $100 billion. State officials and the company made the announcement on Tuesday.

The spaceport will be built on a large area of land, approximately 125,000 acres, that was formerly owned by Exxon. The impact of the new launch site is being likened to a significant historical event. A special event was held to celebrate the deal, with speeches from officials and a promotional video featuring Elon Musk.

Further details about the project are available from the source. The spaceport's location is along the southern coast, on a large plot of land. More information can be found from the original announcement, which includes comments from officials and details about the project's scope.