Despite announcing a $50 million investment in mid-October, Hyperloop One plans to raise as much as $250 million in its next funding round early next year and is already seeking tens of millions in new financing, according to an investment document obtained by FORBES. Meanwhile, according to another company document, internal estimates of the cost of Hyperloop One projects could greatly exceed predictions from the concept’s architect, billionaire tech industrialist Elon Musk.
The documents paint a picture of an “aggressive” expansion plan at Hyperloop One, the startup established by investor Shervin Pishevar, which has raised $160 million so far and is attempting to bring Musk’s vision to reality. Hyperloop’s One’s expansion plans reveal widely varying projected costs for systems that are expected to carry freight by 2020 and passengers by 2021. The company is also forecasting sky-high profit margins for itself and its partners by 2030, according to one of the documents.