An image released by Tesla Motors, is a sketch of the Hyperloop capsule with passengers onboard. . Billionaire entrepreneur Elon Musk on Monday, Aug. 12, 2013 unveiled a concept for a transport system he says would make the nearly 400-mile trip in half the time it takes an airplane. The "Hyperloop" system would use a large tube with capsules inside that would float on air, traveling at over 700 miles per hour. (AP Photo/Tesla Motors)

MIT student engineers won a competition to transform SpaceX and Tesla Motors co-founder Elon Musk's idea into a design for a Hyperloop to move pods of people at high speed.

Massachusetts Institute of Technology, based in Cambridge, Massachusetts, was named the winner Saturday after a competition among more than 1,000 college students at Texas A&M University in College Station.

The Hyperloop is a high-speed ground transport concept proposed by Musk to transport "pods" of 20 to 30 people through a 12-foot diameter tube at speeds of roughly 700 mph.

More than 100 university teams presented design concepts to a panel of judges in an event that began Friday.

Delft University of Technology from The Netherlands finished second, the University of Wisconsin third, Virginia Tech fourth and the University of California, Irvine, fifth.

The top teams will build their pods and test them at the world's first Hyperloop Test Track, being built adjacent to SpaceX's Hawthorne, California, headquarters.

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