Power is force (or thrust, let's say) times speed. It so happens that at a speed of 375 statute miles per hour, the horsepower equals the force-- if force is measured in pounds. At 750 miles per hour the horsepower would be twice the force in pounds, and so on.
So if a 747 flew at 750 mph, and if it had a thrust of 250,000 lb at that speed, then it would be generating 500,000 hp. But 747 cruise thrust (at 35,000 ft altitude) is maybe 50,000 lb at maybe 550 mph, so cruise horsepower is something like 75,000.
242, dunno which decimal point you misplaced-- is it really 70,000 lb-ft of torque? If so, it couldn't be at 30,000 rpm, since that combination adds up to 400,000 hp.