The company had been targeting spring for what it called a "Kitty Hawk moment", a reference to the Wright brothers, where it would show that the ultra high-speed transportation system can work at a full scale level.
"Our team is the only team that is actually making Hyperloop happen, and we've spent more time testing a Hyperloop system than anyone in the world", said Josh Giegel, co-founder and President of Engineering of Hyperloop One.
Hyperloop One will continue to run tests at DevLoop in the coming months to validate its next-generation components and software.
The company, which wants passengers to one day traverse continents while magnetically levitated in a vacuum, was able to send a kart-like vehicle along a portion of its Nevada DevLoop test track for 5.6 seconds.
"For the first time in over 100 years, a new mode of transportation has been introduced", said Shervin Pishevar, co-founder and executive chairman of Hyperloop One. "Hyperloop is real, and it's here now".More news: Pistons trade Marcus Morris to Celtics for Avery Bradley
"Hyperloop One has accomplished what no one has done before by successfully testing the first full scale Hyperloop system".
Boring broke ground on an underground tunnel in the Los Angeles area and is in talks to make one in Chicago, both of which could utilize Hyperloop technology to propel electric sleds through the tunnels.
Hyperloop One has also unveiled a prototype of the passenger and cargo pod that will eventually travel inside its tubes, seen in the picture at the top of the page.
"Made of structural aluminum and a lightweight carbon fiber, the shell measures 28 feet long", Hyperloop One writes.
Hyperloop One seems to have generated the most hype so far though. Hyperloop One and other startups have also formed to tackle the idea from a VC-funded or volunteer angle. In Musk's vision, trains could reach speeds as high as 760 miles per hour, coasting on an air cushion in steel tubes that traversed large swaths of land. This would allow the pod to reach speeds that would surpass that of a commercial airliner. While it is investigating 11 possible USA routes, it's likely that the first commercial Hyperloop will be built outside the US, in a country without much existing transportation infrastructure.