California’s High-Speed Rail Authority now estimates the cost of connecting San Francisco and Los Angeles at just over $125 billion and has acknowledged that full funding for the project is not currently available.
The figure, described as $126 billion in one statement, was provided by Anthony Williams, a board member of the California High-Speed Rail Authority, during a recent interview.
The project, approved by California voters in 2008 with an original estimated cost of $33 billion and a planned completion date of 2020 for a high-speed link between Los Angeles and San Francisco, has faced repeated delays and cost increases, according to a CBS News “60 Minutes” report aired on April 5, 2026.
Construction has focused on an initial Central Valley segment between Merced and Bakersfield, with no tracks yet laid for high-speed service. The authority is preparing to lay its first tracks on this reduced-scope route, with an anticipated opening in 2033, according to the report.
Toks Omishakin, California’s secretary of transportation, told “60 Minutes” that mistakes were made on the project and that some criticism is fair. He said voters and public officials did not fully understand what it would take to deliver the project.
Officials cited challenges including the need to negotiate thousands of property parcels for right-of-way, California’s environmental review processes, lawsuits, and higher U.S. labor and construction costs compared with other countries.
Williams acknowledged that financing was not in place when construction began. The authority has received some federal funding in prior administrations, but President Trump canceled $4 billion in federal grants in 2025.
Rep. Vince Fong, a Republican from Bakersfield, described the project as an example of government waste and mismanagement, calling the original 2008 plan a “complete bait and switch.”
The authority has said state funds can cover the Central Valley segment and is pursuing cost reductions, private investment, and other measures to address the funding gap for the full route, which officials have described as roughly $90 billion.
Omishakin stated that completing the initial segment is believed possible without additional federal help, but building out the full project without it would be challenging.
Lou Thompson, a former member of the California High-Speed Rail Peer Review Group, noted that large infrastructure projects with public benefits typically require sustained public funding and political will.
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