Hyperloop One, formerly known as Virgin Hyperloop, was a U.S.-based transportation technology company founded in 2014 with the goal of commercializing high-speed travel using the Hyperloop concept. This concept envisioned transporting passengers and cargo in levitating pods through low-pressure tubes at speeds approaching 670 mph (1,080 km/h).
In 2017, Richard Branson's Virgin Group invested in the company, leading to a rebranding as Virgin Hyperloop One. The company achieved a significant milestone in 2020 by successfully conducting the world's first crewed Hyperloop test at its DevLoop facility in Nevada.
However, in early 2022, the company shifted its focus exclusively to cargo transport, resulting in the layoff of approximately half its workforce. Subsequently, the Virgin Group withdrew its branding, and the company reverted to the name Hyperloop One.
Despite raising over $450 million in funding, Hyperloop One was unable to secure any commercial contracts. In December 2023, the company announced its closure, laid off its remaining employees, and began selling off its assets. The intellectual property and remaining assets were transferred to its majority stakeholder, Dubai-based logistics firm DP World.
While Hyperloop One has ceased operations, the pursuit of Hyperloop technology continues in other parts of the world. For instance, in March 2024, the European Hyperloop Center in the Netherlands inaugurated the continent's longest Hyperloop test track, aiming to advance the development of this innovative transportation system.
