For impatient travelers, the next wave of air transportation could be a game-changer. Aerospace company Hermeus Corporation recently announced that it has obtained funding to pursue development of a plane that could travel five times faster than the speed of sound, getting passengers from New York to London in just 90 minutes. But it won't be a cheap flight, and the idea isn't without some baggage.

The venture, which was founded by former employees of private space travel companies like Elon Musk’s SpaceX and Jeff Bezos’s Blue Origin, is seeking to craft a plane that can travel at Mach 5 and reach a cruising speed of 3300 mph.

That ambition will likely take years to materialize. Hermeus co-founder and CEO AJ Piplica told CNN that development is projected to last a decade. He anticipated one-way tickets will cost in the range of $3000.

It currently takes about seven hours to travel from New York to London. Previously, travelers were able to cut that time down to roughly four hours, traveling at twice the speed of sound in the supersonic Concorde jet. High fuel consumption and expensive tickets led to the retirement of the aircraft in 2003. Whether Hermeus can overcome the environmental concerns of such high-octane travel and gather enough passengers willing to pay a premium for less time spent in the air remains to be seen.

[h/t CNN]