Virgin Hyperloop One, previously known as Hyperloop One, was a groundbreaking American transportation technology company that aimed to popularize the high-speed travel concept called the Hyperloop, a unique spin on the traditional vacuum train.
The company had successfully raised $450 million to develop the hypersonic train concept. Initially conceptualized by Elon Musk, the project was later funded by Richard Branson and other entrepreneurs who were eager to revolutionize the transportation industry. It’s important to note that despite the association, Elon Musk was not directly involved in the company’s operations.
Unfortunately, on December 21, 2023, Bloomberg reported that Hyperloop One would be shutting down due to its inability to secure any contracts for the construction of a operational hyperloop system, ultimately resulting in the sale of its assets and the dismissal of remaining staff.
The idea for the Hyperloop emerged from a conversation between Elon Musk and Iranian-American Silicon Valley investor Shervin Pishevar during a flight to Cuba back in January 2012. This conversation led to the publication and study of Musk’s ideas, ultimately resulting in the founding of Hyperloop Technologies, later rebranded as Hyperloop One.
Notably, the company achieved several milestones, including successful tests and partnerships with global engineering and design firms. However, despite these achievements, the company’s journey came to an end in 2023.
