December 22, 2023 at 6:01 AM PST By Sarah McBride | Bloomberg Hyperloop One, the futuristic transportation company building tube-encased lines to zip passengers and freight from city to city at airplane-like speeds, is shutting down, according to people familiar with the situation. Once a high-profile startup, Hyperloop One raised more than $450 million since its founding in 2014, according to PitchBook. It built a small test track near Las Vegas to develop its transportation technology, and for a time took the name Virgin Hyperloop One after Richard Branson’s Virgin invested. Virgin removed its branding after the startup decided last year to focus on cargo rather than people. ROBYN BECK/Agence France-Presse In this file photo taken on July 22, 2018 SpaceX, Tesla and The Boring Company founder Elon Musk speaks at the 2018 SpaceX Hyperloop Pod Competition, in Hawthorne, California. - Tesla shares fell hard on August 17, 2018, after chief executive Elon Musk's comments about his struggles with exhaustion as he works to ramp up production for the electric automaker and an unsuccessful effort to find a number two executive. In early trade, Tesla shares skidded 7.3 percent to $311 following the wide-ranging interview in Friday's New York Times. (Photo by Robyn Beck / AFP)ROBYN BECK/AFP/Getty Images Team WARR Hyperloop check over their sled before moving it to the starting line at the 2018 Hyperloop pod competition at SpaceX in Hawthorne on Sunday, July 22, 2018. (Photo by Scott Varley, Daily Breeze/SCNG) Team Valentia shows off their pod pilot, as the last of 4 teams of students comprised of over 600 competitors from more than 40 countries around the world compete in Hawthorne, California, to showcase their pods at SpaceXÕs third Hyperloop Pod Competition Sunday. The winning team was WARR Hyperloop, as they hit speeds of 284 mph today.Photo by Gene Blevins/LA DailyNews/SCNG Team members of EPF Loop make some last minute adjustments before their run in the 2018 Hyperloop pod competition at SpaceX in Hawthorne on Sunday, July 22, 2018. (Photo by Scott Varley, Daily Breeze/SCNG) A team member of Delft Hyperloop peers into the vacuum tube before their run in the 2018 Hyperloop pod competition at SpaceX in Hawthorne on Sunday, July 22, 2018. (Photo by Scott Varley, Daily Breeze/SCNG) Team HYPEA from Edinburgh shows off their pod, as the last of 4 teams of students comprised of over 600 competitors from more than 40 countries around the world compete in Hawthorne, California, to showcase their pods at SpaceXÕs third Hyperloop Pod Competition Sunday. The winning team was WARR Hyperloop, as they hit speeds of 284 mph today.Photo by Gene Blevins/LA DailyNews/SCNG Team EPFLoop from Switzerland get their pod ready, as the last of 4 teams of students comprised of over 600 competitors from more than 40 countries around the world compete in Hawthorne, California, to showcase their pods at SpaceXÕs third Hyperloop Pod Competition Sunday. The winning team was WARR Hyperloop, as they hit speeds of 284 mph today.Photo by Gene Blevins/LA DailyNews/SCNG Team EPFLoop from Switzerland get their pod ready, as the last of 4 teams of students comprised of over 600 competitors from more than 40 countries around the world compete in Hawthorne, California, to showcase their pods at SpaceXÕs third Hyperloop Pod Competition Sunday. The winning team was WARR Hyperloop, as they hit speeds of 284 mph today.Photo by Gene Blevins/LA DailyNews/SCNG Team EPFLoop from Switzerland does some last minute checks on the pipe track as the last of 4 teams of students comprised of over 600 competitors from more than 40 countries around the world compete in Hawthorne, California, to showcase their pods at SpaceXÕs third Hyperloop Pod Competition Sunday. The winning team was WARR Hyperloop, as they hit speeds of 284 mph today.Photo by Gene Blevins/LA DailyNews/SCNG The Hawthorne-based Boring Co. is digging a Hyperloop tunnel in Baltimore, Maryland Gov. Larry Hogan announced this week. Inside the SpaceX hyperloop track along Jack Northrop Drive in Hawthorne, California. (Brad Graverson/The Daily Breeze/SCNG File Photo) Elon Musk, right, talks with engineer Steve Davis (red hat) while watching video boards showing inside the Hyperloop tube. The first Hyperloop pod competition took place along side SpaceX Sunday, January 29, 2017, Hawthorne, CA. The Hyperloop pod is a concept by founder Elon Musk envisioning fast travel through a vacuum-sealed tube and hosted a competition for teams to compete their design. Photo by Steve McCrank, Daily Breeze/SCNG NORTH LAS VEGAS, NV - MAY 11: People walk through a Hyperloop tube after the first test of a propulsion system at the Hyperloop One Test and Safety site on May 11, 2016 in North Las Vegas, Nevada. The company plans to create a fully operational hyperloop system by 2020. (Photo by David Becker/Getty Images,) This file image released by Tesla Motors shows a sketch of the Hyperloop capsule with passengers onboard. When billionaire entrepreneur Elon Musk published fanciful plans to shoot capsules full of people at the speed of sound through a tube connecting Los Angeles and San Francisco, he asked the public to perfect his rough plans. From tinkerers to engineers, the race is on. A conceptual rendering of a Hyperloop passenger capsule version with doors open at a station. Show Caption