Business & Economy

Company behind Elon Musk's 'Hyperloop' transportation opens space in LA

An image from the proposed Hyperloop California transit system.
An image from the proposed Hyperloop California transit system.
Courtesy Tesla Motors

A company behind Tesla and SpaceX billionaire Elon Musk's vision to build a futuristic, high-speed transportation system is now operating out of a downtown Los Angeles warehouse space.

The Los Angeles Times reports  Hyperloop World Headquarters now occupies a 6,500-square-foot industrial space in LA's Arts District.

The idea behind Musk's Hyperloop is to use vacuum tubes to transport freight and passengers at speeds up to 750 mph. That would be the equivalent of traveling from LA to San Francisco in a half-hour. Musk first publicly theorized about the project in 2013.

Hyperloop Technologies is co-chaired by venture capitalist and Uber underwriter Shervin Pishevar and former PayPal COO David O. Sacks.

According to the Times, the company is working to raise $80 million needed to build a five-mile test track.