• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Techhyperloop

Transportation Secretary Says Hyperloop Could Get Government Funding

By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
January 30, 2016, 12:31 PM ET
Sec. Anthony Foxx at Hyperloop Competition
Sec. Anthony Foxx at Hyperloop CompetitionGabriel Chmielewski - Texas A&M

U.S. Transportation Secretary Anthony Foxx said Friday that the Hyperloop, a futuristic transportation concept involving levitating pods, may be a candidate for research funding from his department.

Secretary Foxx’s said the money could come from his department’s University Transportation Centers program for research into new ways of getting around. That program gives grants to over 30 research centers nationwide totaling up to $72.5 million annually.

Foxx’s comments, made at the SpaceX Hyperloop Design Weekend in College Station, Tex., got a warm reception at the event, a conference and competition for college students working on Hyperloop prototypes. The Hyperloop, as outlined in a 2013 paper by SpaceX and Tesla founder Elon Musk, would transport passengers or freight in pods levitating through a low-pressure, tube-like track at up to 700 miles per hour. Musk has described it as a “cross between a Concorde and a railgun and an air hockey table.”

Get Data Sheet, Fortune’s technology newsletter.

“This is a special moment in transportation,” Foxx said to hearty applause. “We weren’t around when the airplane was invented. We weren’t around when the wheel was invented.”

But, shortly after comparing a still very speculative idea with the advent of the wheel, Foxx brought the audience back to earth about the still unrealized Hyperloop dream. “There’s a lot of research that still needs to be done. It’ll be a while before we see something like this on the ground.”

In fact, Foxx admitted that he had been a Hyperloop skeptic. “When I first heard about the Hyperloop, I was less than enthusiastic. I had a lot of reservations,” he said.

But Foxx came around to a more upbeat viewpoint—not necessarily because he had been sold on the Hyperloop itself, but because of a more general desire to promote innovation. “Government must resist the urge to reflexively say no,” Foxx said. “We’re looking to play a constructive role in embracing new technologies.”

The Department of Transportation and the Obama administration have recently put that sentiment into action with $4 billion in funding for self-driving car research.

But despite Foxx’s enthusiasm, the potential pool of federal funding for Hyperloop technologies is relatively small. Hyperloop Tech, one of the startups trying to build a working Hyperloop system, has already raised around $80 million from private sources.

For more on the Hyperloop, watch our video.

Foxx went on to draw attention to more immediate solutions to mounting strains on the U.S. transportation system, including the need to shift away from a current system he described as “road dependent” toward something more diverse.

“Transportation choice has to be part of the future.”

About the Author
By David Z. Morris
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Most Popular

placeholder alt text
Success
Even with $850 billion to his name, Elon Musk admits ‘money can’t buy happiness.’ But billionaire Mark Cuban says it’s not so simple
By Preston ForeFebruary 6, 2026
2 days ago
placeholder alt text
Success
Gen Z Patriots quarterback Drake Maye still drives a 2015 pickup truck even after it broke down on the highway—despite his $37 million contract
By Sasha RogelbergFebruary 7, 2026
23 hours ago
placeholder alt text
Success
Nestlé’s CEO drinks 8 coffees a day, but says Gen Z staffers are his secret to staying sharp by ‘learning constantly’
By Emma BurleighFebruary 5, 2026
3 days ago
placeholder alt text
Success
Larry Ellison and Jeff Bezos have seen more than $66 billion swiped from their net worths since the start of this year as AI-driven slump sees tech billionaires’ wealth free-fall
By Emma BurleighFebruary 6, 2026
2 days ago
placeholder alt text
Personal Finance
Current price of gold as of February 6, 2026
By Danny BakstFebruary 6, 2026
2 days ago
placeholder alt text
Crypto
Bitcoin whales and ETFs are bailing out of the market; UBS warns: ‘Crypto is not an asset’
By Jim EdwardsFebruary 6, 2026
2 days ago

Latest in Tech

EconomyFintech
Dorsey’s Block cutting up to 10% of staff in efficiency push
By Natasha Mascarenhas, Emily Mason and BloombergFebruary 7, 2026
10 hours ago
US Secretary of Defense Pete Hegseth, left, listens to Jacob DeWitte, CEO of Oklo, speak as US President Donald Trump signs executive orders in the Oval Office of the White House in Washington, DC, on May 23, 2025.
EnergyNuclear
Next-gen nuclear’s tipping point: Meta and hyperscalers start deals with Bill Gates’ TerraPower, Sam Altman-backed Oklo, and more
By Jordan BlumFebruary 7, 2026
11 hours ago
EconomyDebt
Elon Musk warns the U.S. is ‘1,000% going to go bankrupt’ unless AI and robotics save the economy from crushing debt
By Jason MaFebruary 7, 2026
14 hours ago
Future of Workthe future of work
Anthropic cofounder says studying the humanities will be ‘more important than ever’ and reveals what the AI company looks for when hiring
By Jason MaFebruary 7, 2026
15 hours ago
sarandos
CommentaryAntitrust
Netflix dominates streaming. No wonder it’s trying to redefine the market
By Hal SingerFebruary 7, 2026
17 hours ago
AIMark Cuban
AI can make anyone rich: Mark Cuban says it could turn ‘just one dude in a basement’ into a trillionaire
By Sydney LakeFebruary 7, 2026
17 hours ago