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CEO Elon Musk unveiled much-awaited details Monday about the Hyperloop,

After tweeting that he “pulled an all-nighter,” Tesla Motors (TSLA) CEO Elon Musk unveiled much-awaited details Monday about the Hyperloop, his concept of rapid transit from San Francisco to Los Angeles that would be faster and cheaper than California’s plans for high speed rail.

The Hyperloop would consist of a low-pressure tube with capsules that are supported on a cushion of air. Capsules would depart every 30 seconds and carry 28 people each, making it possible for 7.4 million people to use the system for a year. Musk says the Hyperloop would cost just $6 billion.

“When the California ‘high speed’ rail was approved, I was quite disappointed, as I knew many others were too,” wrote Musk in the 57-page “Hyperloop Alpha” document. “How could it be that the home of Silicon Valley and JPL — doing incredible things like indexing all the world’s knowledge and putting rovers on Mars — would build a bullet train that is both one of the most expensive per mile and one of the slowest in the world?”

Under the Hyperloop idea, people could travel in aluminum pods inside of steel tubes from downtown Los Angeles to downtown San Francisco in a half-hour. The system would be built above ground alongside Interstate 5.

More: Elon Musk unveils plans for Hyperloop, a futuristic transportation system.

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