Cooley advised Hyperloop One, formerly known as Hyperloop Technologies, on its $80 million Series B preferred stock financing. Both new and existing investors participated, including Khosla Ventures, the French National Rail Company and GE Ventures.
The Hyperloop is a high-speed, futuristic form of ground transportation that was detailed in a 2013 white paper by Elon Musk, the founder and CEO of Tesla Motors and SpaceX. Musk posted his Hyperloop designs on the internet in order to accelerate the development of the Hyperloop through open source, public collaboration.
On May 11, 2016, in a desert north of Las Vegas, Hyperloop One conducted the first full-scale, open-air test of its propulsion technology, a linear-electric motor that will eventually accelerate a hyperloop pod to speeds of more than 700 mph in a vacuum tube.
The team advising Hyperloop One on the financing included Mike Lincoln, Brooke Nussbaum, Dave Walsh, Kevin King and Alex Weaver.
In January 2016, Cooley sponsored the SpaceX Hyperloop Pod Competition, which challenged university students and independent teams to design and build the best hyperloop transport pod.