it wasn't like a laugh, more like a small chuckle.
In any case, psychologically I think your friend might think you weren't being supportive. Friends look to friends for support, perhaps the better route would have been to get in on his expedition. Through that you can subtly point out an increase of budget and more reliable parts.
The only thing I can think of is for you to apologize to your friend (even if you don't think you have to) to get back on the level of friendship you had before. Theres also a chance he might turn around and apologize for talking to you like a 3 year old. Then you two can shake hands and go about the matter in a more professional way.
I wasn't there, and there's no way of knowing what the story actually is. But if it went exactly like you said, thats probably what you should do.