This is not a new concept. You can see a discussion of this technique being used (to a degree) on battleships in WWII, by watching some of the videos on the Battleship New Jersey YouTube channel.
There’s also a Russian torpedo that uses a similar concept to “fly” at supersonic speeds underwater.
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[ 3.3 ms ] story [ 39.6 ms ] threadThere’s also a Russian torpedo that uses a similar concept to “fly” at supersonic speeds underwater.
Supercavitation
Either way, it’s effectively flying through the air bubble underwater, which was the concept I was thinking of.