The speed was limited by the length of the stator, allowing up to 700 mph if extended beyond a mile.

After completing a successful magnetic levitation test, Hyperloop One has quickly achieved a much higher benchmark speed using a full-scale test pod.

Known as the XP-1, the pod topped out at 192 mph in the company's DevLoop test tube constructed in the desert north of Las Vegas. The test pod went three times faster and nearly five times the distance of initial tests using a levitated sled.

The startup says speed was only limited by the 300-meter length of the stator that provides propulsion, theoretically allowing the system to operate at much higher speeds if the stator is simply extended.

"With an additional 2,000 meters of stator, we would have hit 1,100 km per hour or 700 mph," the company says.

Hyperloop One claims to have logged more time working with full-scape Hyperloop technology than anyone on the planet. The company is one of several startups to take inspiration from Elon Musk's recent revival of an old idea.

Musk apparently plans to eventually join the current startups in pushing the technology toward reality. He recently claimed his latest

venture, The Boring Company, has received "verbal government approval" to build an underground Hyperloop from New York to Washington DC.

In the meantime, SpaceX is continuing to support further development with a series of competitions. An upcoming event with dozens of teams and more than 600 students will be focused on achieving maximum speed.