The test took place in May at the company's development track in the Nevada desert near Las Vegas, and involved a vehicle coasting above tracks for slightly more than five seconds using magnetic levitation, according to the startup.
The test vehicle accelerated to a speed of 70 miles per hour during the test, and the company's next goal is to ramp the speed to 250 mph, Hyperloop One said.
"Hyperloop One has accomplished what no one has done before by successfully testing the first full scale Hyperloop system," said startup co-founder and executive chairman Shervin Pishevar.
"By achieving full vacuum, we essentially invented our own sky in a tube, as if you're flying at 200,000 feet (60,000 meters) in the air."
Hyperloop One had originally promised a full-scale demonstration by the end of 2016, after a successful test of the propulsion system.
Systems tested in May included the motor, vacuum pumping, magnetic levitation, and electromagnetic braking, according to the company.
Hyperloop One also announced that it has built a prototype pod designed to carry people or cargo through the systems low-pressure tubes.
Timely, incisive articles delivered directly to your inbox.