The Hyperloop pod competition hosted by CEO Elon Musk's space exploration company SpaceX has received more than 700 entries ever since its announcement Monday.

The competition has been scheduled for June 2016 and seeks to find the perfect pod design for the futuristic 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.

The sign-up process is simple and interested parties can simply sign up on the competition page of the SpaceX website.

Musk's electric car company continues to pump out high performance cars that Silicon Valley lusts for. He first made his proposal for a 700-mph human transport system public in 2013.

Since then, a few entrepreneurs have also invested in making the Hyperloop a reality. They launched startups in order to get the project off the ground. This mode of transpiration consists of passenger pods traveling through tubes at speeds of more than 500 miles per hour.

Hyperloop Technologies and Hyperloop Transportation Technologies are two of the key companies developing these technologies. However, they have no affiliation with SpaceX and Musk.

The last day to enroll for the competition is September 15. SpaceX will send technical guidelines in details in August. Teams will have time to submit their final design package until December 15.