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The company also said its Hyperloop had achieved a speed record of 240 miles per hour (386 kph) during its third phase of testing.

In July, Mr Musk said he had received verbal approval to start building the systems that would link New York and Washington, cutting travel time to about half an hour.

Last month, Hyperloop One raised $85m in new funding, bringing the total financing raised to $245m (£183m) since it was founded in 2014.

Virgin Hyperloop One, the startup aiming to build a high-tech, high-speed transit system, said Monday it had appointed billionaire Richard Branson as its chairman.

Branson, founder of the Virgin Group, made a large investment in October in Hyperloop One, which subsequently from the company he co-founded under a cloud of sexual harassment allegations.

Hyperloop One’s co-founders, executive chairman Shervin Pishevar and president of engineering Josh Giegel, have previously worked at Virgin Galactic.

Virgin Galactic is Mr Branson’s space company, which in 2016, was granted an operating license to fly its passenger rocketship with the world’s first paying space tourists once final safety tests are completed.

Billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems.

Hyperloop One said Mr Branson’s Virgin Group would take the company global and rebrand itself as Virgin Hyperloop One in the near future.

Musk tends to overpromise, but his Tesla-branded hyperloop pod set a new record recently, hitting 220 mph (335 km/h) — or about 20 mph faster than the speed achieved by Hyperloop One’s own X-1 pod a few weeks prior.

Suddenly, we have a hyperloop arms race on our hands.

Today, Hyperloop One announced it raised an additional million in financing, bringing its total haul to 5 million and a likely valuation of more than 0 million.

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