It's the flagship project of DeLonge's newly formed To The Stars Academy of Arts & Science, which as of 2017 has already raised $2.3 million, and claims to count the top minds of scientific and government intelligence communities among their ranks. According to the website, their spaceship design "mimics the capabilities observed in unidentified aerial phenomenon by employing a drive system that alters space-time metric. We have glimpses of how the physics of this works, but we need to harvest technologies from the Science Division to 'realise the capability.'" The company's co-founder and VP of science and technology, a person whose real name is definitely Dr. Hal Puthoff, and is certainly not Tom DeLonge in a lab coat and fake mustache, made a statement asking the public to "Imagine having 25th-century science this century."
Oh well. At least it'll be fun to see how they burn $2 million.