Saudi Arabia needs fast large-scale people movers because 2.372 million Moslem pilgrims visited the country for the Hajj in 2018, the Saudi government estimates. To explain, a Hyperloop could theoretically move millions of pilgrims to Mecca for the Hajj from airports all over the country.
Hyperloop One has received $50 million in investments and plans to raise $160 million for aggressive expansion plans.
The company will need that money because the cost of the super-fast transport system may greatly exceed initial estimates, Forbes revealed. Back in 2013, Elon Musk optimistically estimated that Hyperloop would cost around $11.5 million a mile to build, but Hyperloop One documents obtained by Forbes mention a cost of $121 million a mile; or over 10 times Musk’s estimate.