That's extremely fast for a 55lb max weight, would need a consumer grade long range fpv to even safely pilot this and a very large field.
Can you buy jet propulsion off the shelf?
If even Boom can't do it, then this prize is cartoonishly low. They're offering 750k in cash and a Toyota Highlander in Boom stock to a team that could probably raise tens of millions of their accomplishment for any number of usecases