Hyperloop One once dreamed of building a high-speed freight connection between Europe and China that could move cargo from one end to the other in a single day. However, this will remain one of the many goals that the company cannot achieve. Hyperloop One is shutting down, an employee confirmed to Engadget after Bloomberg published a report on the closure. It was founded in 2014 after the publication of Elon Musk's article about his vision for hyperloop transportation technologies.
The company's original goal was to transport both cargo and people in the form of capsules that would be transported over long distances through sealed metal tubes at aircraft-like speeds. From 2017 to 2022, it was known as Virgin Hyperloop One due to an investment from Richard Branson's Virgin Group. But Virgin quietly retired its branding last year when it decided to abandon its plans to carry passengers and focus on building a freight-only service. Hyperloop One laid off over 100 employees early last year due to the change in its priorities.
According to Bloomberg, the company has been in financial trouble for some time and, notably, has never received a contract to build a working hyperloop system. The company has since laid off most of its remaining employees, the news organization said, and the remaining employees will be laid off on December 31. Until then, they are reportedly responsible for selling Hyperloop One's assets, including its machines and test tracks.