The investment and rebranding to Virgin Hyperloop One should elevate the company's credibility.

Hyperloop One has entered a strategic partnership with Richard Branson's Virgin Group.The investment and rebranding to Virgin Hyperloop One should elevate the company's credibility as the startup attempts to cement its leading position before Elon Musk enters the segment.

"We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives," Branson says. "We're pleased to be working with the co-founders, Executive Chairman Shervin Pishevar and President of Engineering Josh Giegel, who previously worked at Virgin Galactic, and their experienced executive team."

Virgin describes the technology as "the world's most revolutionary train service," drawing a connection to the industry it hopes to disrupt.

Hyperloop One has achieved several milestones at its DevLoop full-scale prototype tube in the Nevada desert. The company has also pursued formal projects, attracting interest from government officials in the Middle East, India, Europe, Canada and the US.

Elon Musk, meanwhile, has outlined a slightly different vision for the specific technology that will underpin his hyperloop. Current startups are focusing on magnetic levitation, but Musk appears to be interested in air bearings to elevate passenger pods.

"Practical version would have a turbo compressor on front taking ram air pressure at near sonic to hypersonic speeds & driving that thru air skiis & rearward for thrust," he wrote in a recent Twitter post.

Both Virgin Hyperloop One and Elon Musk's Boring Co have not yet landed official approval for an actual passenger service in any city.