The Los Angeles-based company, renowned for completing the world's inaugural passenger ride on a super high-speed levitating pod system in 2020, will liquidate its remaining assets. Additionally, the employment of its remaining staff is expected to conclude on December 31 of this year, according to the report.

The hyperloop concept, utilising magnetic levitation for nearly silent travel, promised to reduce travel time significantly. For instance, a hyperloop trip between New York and Washington was anticipated to take just 30 minutes?twice as fast as a commercial jet flight and four times faster than a high-speed train.

Elon Musk revived interest in hyperloop technology in 2013, outlining the workings of a modern hyperloop system. Musk's own tunnelling venture, The Boring Company, is actively working on a hyperloop system that envisions transporting passengers in pods through a network of large underground vacuum tubes.

Established in 2014, Hyperloop One garnered over $400 million in funding, with significant contributions from United Arab Emirates shipping company DP World and British billionaire Richard Branson.