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Saturday, Feb 24, 2024

Virgin Hyperloop One Raises $172 Million

Hyperloop Technologies Inc., doing business as Virgin Hyperloop One, raised $172.2 million of a planned $224.7 million equity funding round May 13 according to Securities and Exchange Commission filings.”

The raise brings Virgin Hyperloop One’s total cash raised to roughly $459.2 million. Filings indicate $52.5 million of the funding round remains to be sold.

Based in Downtown L.A., Virgin Hyperloop One develops a high-speed transportation technology that can send capsules racing up to 600 miles per hour in a high-pressurized tube. The company is working to commercialize open-source hyperloop technology used by several other firms including Elon Musk’s Hawthorne-based Boring Co.

Virgin Hyperloop One could not immediately be reached for comment on the funding.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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