Is the hyperloop finally too big to fail?

Today, Hyperloop One announced it raised an additional $85 million in financing, bringing its total haul to $245 million and a likely valuation of more than $700 million. That’s a lot of scratch for a transportation startup with no commercial product, no revenue stream, no government approval, and no proof that its ultrafast transit system would even be safe for human passengers. Nonetheless, the company has managed to convince a variety of wealthy backers and governments to buy into their