The Boston-based Massachusetts Institute of Technology was named the winner on Saturday after a competition among more than 1,000 college students at Texas A&M university in the city of College Station.
The Hyperloop is a high-speed ground transport concept proposed by Musk to transport “pods” of 20 to 30 people through a 12-foot diameter tube at speeds of roughly 700mph (1,127km/h).
More than 100 university teams presented design concepts to a panel of judges in an event that began on Friday.
Delft University of Technology from the Netherlands finished second, the University of Wisconsin third, Virginia Tech fourth and the University of California, Irvine, fifth.
The top teams will build their pods and test them at the world’s first Hyperloop test track, being built adjacent to SpaceX’s Hawthorne, California, headquarters.