To travel to the Moon, Maezawa will fly on board the company's upcoming BFR rocket, which SpaceX is now building and promises to take humanity to Mars and beyond. "These masterpieces will inspire the dreamer within all of us", he told reporters.
It's hoped the first passenger moon flight will happen sometime in 2023, although previous projects have suffered delays.
SpaceX added that it was "an important step toward enabling access for everyday people who dream of travelling to space".
"Ever since I was a kid I have loved the moon", Maezawa said.
Musk said: "The goal for SpaceX, the reason for creating SpaceX, was to accelerate the advent of humanity becoming a space-faring civilisation; to help advance rocket technology to a point where we could potentially become a multi-planet species and a true space-faring civilisation".
He will be the first person to travel to the moon since the United States' Apollo missions ended in 1972. Instead, he will get to travel to the moon on a weeklong trip aboard a BFR, which will circle the natural satellite (talk about an Instagrammable moment) before heading back to terra firma.
Only 24 humans have visited the Moon - all of them Americans; 12 of them landed on the moon.
It hasn't been revealed how much Maezawa has paid for the trip, although it is clear that the billionaire approached SpaceX with the idea first. "Some of Earth's greatest talents will board a spacecraft and be inspired in a way they have never been before", Maezawa's new #dearMoon website reads. The trip, for them, will be free, said Elon Musk.
At the time, SpaceX was to have used its heavy-lift Falcon Heavy rocket and the crewed version of the existing Dragon capsule. It has contracts with the U.S. National Aeronautics and Space Administration to carry cargo and crew to the International Space Station.
Like SpaceX's existing rockets, the Falcon 9 and Falcon Heavy, the first stage can detach from the rest of the rocket and return to Earth for an upright landing.
Entrepreneur Elon Musk's space launch company said last week that the person will fly to the moon aboard a new rocket called the BFR, which is still in development.
Both Falcons are now still in development, so hopefully this will not be a rerun of SpaceX's 2017 plan to take private citizens into space.
Russian and Chinese companies are also working on space tourism plans.
Maezawa didn't immediately say who will be on his guest list for the spaceflight, but in response to a question from a reporter he said he'd consider inviting Musk. He also encouraged Musk to join the mission.