Hyperloop One is already seeking more funding for its high-speed transportation system, a project that’s turning out to be more expensive than initially thought.
That’s according to new investment documents obtained by Forbes’ Alex Konrad and Alan Ohnsman, which reveal the company is planning to raise $250 million in early 2017.
Less than two weeks ago, the Los Angeles-based company secured $50 million in a funding round led by DP World, the third-largest port and terminal operator in the world.
While the project is still on track to launch by 2020, Forbes reports, it’s much more expensive than Elon Musk — who initially came up with the idea for the Hyperloop and open-sourced it — had predicted. While Musk proposed a total cost of $6 billion for the Hyperloop in California, Hyperloop One’s system would cost between $9 billion and $13 billion just in the Bay Area, according to Forbes.
