Seems to be doing very well too: Brightline is the beginning of U.S. high-speed rail, says Fortress Investment co-founder

Meanwhile, California government’s own “bullet train” is at $128 billion, way over original estimates, and truncated to build only a 171 mile segment from nowhere to nowhere in the San Joaquin Valley, versus the original 500 miles from the SF Bay area to Los Angeles. The project is taking over 20 years – and delivering just 25% of the original plan with a rail system in the middle of nowhere. This truncated segment now costs more than the original 500 mile total cost.

Meanwhile, the state has lost hundreds of thousands of residents who have moved out and now sees 51 people move in for every 100 that leave the state. From 2010 to 2021, almost 2 million fewer people moved into California than moved out (that does not take into into account in-state births and deaths); about 1.5 million migrated out in 2000-2009. A decreasing population, in a post-pandemic world where fewer people are using public transit, does not bode well for the high speed rail system.

The full system is now underfunded by $100 billion – meaning, they are out of money and at this point, might never complete it as public support for Governor Newsom’s boondoggle is eroding.