On Monday, SpaceX announced that it would be holding a Hyperloop pod competition, inviting universities and private companies to build passenger pods based on SpaceX CEO Elon Musk's open sourced Hyperloop design. The company said it would build a one-mile test track for the pods on a lot adjacent to its Hawthorne, California headquarters.
The Hyperloop has been described as high speed rail combined with an air hockey table: in the system, human-sized pods are propelled by linear induction, with magnets on the outside of the pod repelling the magnets lining the track, which is enclosed in a low-pressure tube (to reduce drag on the pods). The system is supposed to move humans and cargo at a rate of 760 miles per hour.
The impetus for the idea was Musk's disapproval of California's attempts to build a high-speed rail system between Los Angeles and San Francisco. Musk detailed this in a 58-page document in 2013 (PDF), claiming that his Hyperloop idea could be built over the same stretch of land as California High Speed rail but for just $6 billion. (California's train system was estimated to cost around $68 billion as of this January.) But Musk decided to step back from the Hyperloop idea as soon as he put it forward. He made his designs open-source and publicly said that neither SpaceX nor Tesla Motors, his electric vehicle company, would be building a Hyperloop.
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