Hyperloop One ceases operations after failing to secure contracts

In a significant development, Hyperloop One, the high-speed freight transportation company based in Los Angeles, U.S., is set to shut down. The company, known for completing the world’s first passenger ride on a super-high-speed levitating pod system in 2020, failed to secure any contracts for building a functional hyperloop.

Hyperloop One will liquidate its remaining assets as part of the closure. The employees still with the company will see their employment terminated on 31 December 2023.

Hyperloop technology, utilizing magnetic levitation for near-silent travel, promised revolutionary transportation capabilities. A trip between New York and Washington was projected to take just 30 minutes, making it twice as fast as a commercial jet flight and four times faster than a high-speed train.

The visionary behind the hyperloop concept, Elon Musk, reignited interest in 2013 by outlining the workings of a modern hyperloop system. Musk’s own venture, The Boring Company, aims to transport passengers through an intercity network of massive underground vacuum tubes.

Founded in 2014, Hyperloop One garnered substantial funding, exceeding $400 million, with significant contributions from United Arab Emirates shipping company DP World and British billionaire Richard Branson. Despite these investments, the company’s inability to secure contracts has led to its decision to cease operations, marking a notable setback in the pursuit of high-speed transportation innovation.