Hyperloop One, the company that once aspired to revolutionize transportation with high-speed pod travel, is officially shutting down. After years of financial troubles and a lack of contract to build a working hyperloop system, the company is laying off its remaining employees and selling off its assets.
Originally founded in 2014 following Elon Musk’s vision for hyperloop transportation technologies, Hyperloop One aimed to create a high-speed freight link between Europe and China. The company later rebranded as Virgin Hyperloop One after an investment from Richard Branson’s Virgin Group, but failed to secure a contract for its innovative transportation system.
Last year, the company quietly abandoned its plans to transport passengers and shifted its focus to building a cargo-only service, resulting in the layoff of over 100 staff members. Now, as the end of the year approaches, most of its remaining employees will also be let go on December 31.
According to a report by Bloomberg, Hyperloop One has been struggling with financial difficulties for some time and has never secured a contract to build a working hyperloop system. As a result, the company is now selling off its assets, including its machineries and test tracks.
The dreams of building a high-speed transportation system capable of moving cargo from one end of the world to the other in a single day will remain unfulfilled as Hyperloop One reaches the end of its journey.