More than 700 people have signed up to help Elon Musk build a Hyperloop prototype

By: Cadie Thompson
A lot of people apparently think they have what it takes to impress Elon Musk.

Musk's Hyperloop pod competition has received more than 700 entries since the contest was announced last Monday. The contest, which seeks to find the perfect pod design for the futuristic Hyperloop, is being hosted by Musk's rocket company SpaceX.

The competition, which is slated for June 2016, is aimed at university students and will enable selected applicants to try out their pod design on a one-mile Hyperloop test track that will be built adjacent to the SpaceX headquarter in Hawthorne, California. (The pod is the part of the Hyperloop people actually ride in.)

Currently, the sign-up process is pretty simple. Interested parties can simply sign up on the competition page of the SpaceX website. However, more contest rules, design guidelines, and prizes will be announced in August.

Musk first made his Hyperloop idea public in 2013 when he published a white paper on the concept. The futuristic mode of transportation consists of passenger pods traveling through tubes at speeds of more than 500 miles per hour.

Since then, a few entrepreneurs have also invested in making the Hyperloop a reality and have launched startups to get the project off the ground. Hyperloop Technologies and Hyperloop Transportation Technologies are two of the key companies developing these technologies, however, they have no affiliation with SpaceX and Musk.