Elon Musk's SpaceX announces design competition for Hyperloop transportation capsules

Billionaire Elon Musk wants to jump-start his Hyperloop high-speed transit system.

Musk's company, SpaceX, announced Monday that it plans to build a 1-mile test track next to its headquarters in Hawthorne, California.

The company will hold a competition there next year with teams testing designs for Hyperloop passenger pods.

It's the first time Musk's company has been directly involved in the Hyperloop project, although several private firms are pursuing research.

Suggested by Musk two years ago, the Hyperloop would zoom passenger capsules through elevated tubes at the speed of sound. The 400-mile trip between Los Angeles and San Francisco would take a half-hour.

The submission deadline for the contest is Sept. 15. The competition is roughly scheduled for next June.