The Hyperloop will work by loading passengers and cargo into a pod and accelerating gradually via electric propulsion through a low-pressure tube.
Those who recall Branson cosplaying as a mermaid, or refusing to move out of the direct path of a category 5 hurricane could be forgiven for thinking the knighted Brit has lost all grip on reality-investing in a vapory transit startup being the latest evidence on his descent into full-on Howard Hughes-dom.
Its tracks use magnetic levitation and the pod glides at airline speeds for long distances.
Hyperloop trains work by loading passengers and cargo on to a pod which is accelerated to speeds of nearly 700mph inside a sealed low-pressure tube using electric propulsion. In its announcement today, Virgin Hyperloop One says that it "continues to see a growing demand from governments and the private sector around the world".
In a post on his website, Branson said he aimed to turn it into a "global passenger service" which could complete the 332-mile journey between the Scottish and United Kingdom capitals, via Manchester, in under an hour. For example, the firm envisions 30-minute trips between Los Angeles and Las Vegas.
'The maximum distance travelled is 436 metres, with a peak acceleration of 1.48 Gs - equal to 0 to 60mph in 1.85 seconds.
On their website, Virgin said: 'Ever since our creation, Virgin has been known for disruption and investing in innovative companies. "Importantly, Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport too".
Meanwhile, Musk is now working part-time on a similar project, called The Boring Company.