Rather than designing the hyperloop pod, SapecX has announced a design competition open for university and independent design teams.

Elon Musk earlier told to the world his idea of hyperloop transportation project, but also insisted that he does not have time to pursue such a fanciful idea.

But Musk might have decided to give a second thought, though his other pet project, SpaceX, has already announced that it will be building a hyperloop test track near its Hawthorne, CA headquarters.

But he said the hyperloop is just one half of the equation, and the second of it is the people-carrying pods.

There is so far no prize mentioned for the winner of the competition. All the designs are expected to be open source, but the prestige that would come from taking part in such a high-profile contest is hard to put a price tag on.

SpaceX and Elon Musk are still reassuring everyone that the hyperloop project is an entirely separate entity with its own funding and engineering team.

Some of the best and brightest engineering minds from across the country will be participating in the Texas A&M University in January for a SpaceX competition to design and build the company's proposed Hyperloop transit pod.

The competition announced on Monday will be hosted by the Dwight Look College of Engineering at Texas A&M.

At the January competition in College Station, all teams will meet with SpaceX officials to present their ideas.