According to Bloomberg News, the doors of Hyperloop One, one of the longest-running hyperloop startups, will be closing on December 31. This concludes a journey that began in 2014 with the lofty goal of Elon Musk’s proposed idea to build lengthy vacuum-sealed tubes for ultra-fast transportation of people and goods.
The tech industry had high hopes for this innovation, but it has faced numerous challenges and obstacles. Despite raising hundreds of millions of dollars since its inception, Hyperloop One struggled to gain traction and fulfill its ambitious vision.
As with any pioneering endeavor, the road was rocky for Hyperloop One. It underwent multiple transformations, including a bitter legal battle between its co-founders. Eventually, in 2017, Richard Branson’s Virgin Group became a major investor, leading to the startup’s rebranding as Virgin Hyperloop One. However, when Branson publicly criticized Saudi Arabia for the killing of journalist Jamal Khashoggi in 2018, the country withdrew its planned project with the startup, and Branson stepped down as chairman.
The startup eventually fell under the majority control of Dubai port operator DP World. In early 2022, the focus shifted to cargo, resulting in a layoff of half the staff and the dropping of the Virgin name. With Hyperloop One’s intellectual property now in the hands of DP World, Bloomberg reports that the physical assets, including a test track in Las Vegas and other machinery, will be sold off.
The original pitch for the hyperloop sounds like a zero-interest-rate fever dream: build lengthy vacuum-sealed tubes for shipping people and goods at super-high speeds.
This latest development serves as a reminder of the challenges and risks involved in bringing breakthrough ideas to life. Hyperloop One may not have achieved its vision, but it has undoubtedly left a lasting impact on the future of transportation.
