Billionaire Elon Musk, the man who co-founded PayPal and Tesla Motors, will reveal his concept for a new form of transportation, called the Hyperloop, that is a 'cross between Concorde, a rail gun and an air hockey table' on Monday.

According to Gizmodo, the Hyperloop could deliver passengers between US cities at nearly 700 mph faster than sound. Passengers are to be transported between Los Angeles and San Francisco in its first stage. If it becomes successful, Los Angeles and New York City will eventually connect via a second loop.

Gizmodo also reported that Hyperloop's estimated price tag is at $68 billion making it the most expensive high-speed line in the world. Its speed surpasses Amtrak Acela line, which can run up to 150 mph, while the "Bullet Train" in Japan speeds up to 200 mph.

Musk is confident that the Hyperloop will 'never crash" and is "immune to weather". In addition, the "revolutionary fifth transport" could run 24/7 without batteries and run using solar energy.

He is planning to build the Hyperloop with Tesla Motors "if nothing happens for a few years." For now, he is busy operating Tesla and space ventures for SpaceX.

“I think I kind of shot myself in the foot by ever mentioning the Hyperloop, because I’m too strung out. Obviously I have to focus on core Tesla business, and SpaceX business, and that’s more than enough," he said.

Meanwhile, scientists are eager to know about the concept and are waiting for him to post his 'alpha design' on the Internet.

UK's Telegraph reported that Musk's inspiration to build the Hyperloop came when he read about California's high speed rail project, which was disappointing. He said that he gets a little sad when things are not getting better in the future.

Musk has been compared to Marvel Comics' fictional superhero Iron Man/Tony Stark. Comedian and Iron Man 2 director Jon Favreau admitted that Tesla's CEO is the basis for Tony Stark's character.

The 42-year old inventor and entrepreneur became a billionaire when he co-founded PayPal. Now, he serves as the CEO of Tesla Motors.

The Hyperloop project will not be patented and will be published as 'open source' so that anyone can modify or try to build it.