One of None: Ferrari Reveals the HC25, a 720cv V8 Roadster Built for One Owner

Ferrari has pulled the cover off its latest One-Off, the HC25, at the Ferrari Racing Days at the Circuit of the Americas in Austin, Texas. Built under the Maranello Special Projects programme for a single, unnamed client, the HC25 is a pure mid-rear engined V8 roadster based on the F8 Spider, and it doubles as a quiet send-off for the last open-top Ferrari to use a non-hybrid turbo V8 in that layout.

You will not be able to buy this car. The Special Projects programme builds Ferraris to a single client’s specification, working closely with the Ferrari Design Studio under Flavio Manzoni’s direction, with an average two-year development cycle before the finished one-of-one is handed over. The HC25 is the latest in that lineage, joining a list of Ferrari one-offs that includes some of the most coveted cars the brand has ever produced.

A V8 Roadster Wearing the Future

The HC25 inherits its bones from the F8 Spider: the chassis, the layout, the 90-degree turbocharged V8 mounted ahead of the rear axle, the seven-speed dual-clutch F1 gearbox. The engine displaces 3,902 cc, makes 720 cv at 7,000 rpm and 770 Nm of torque from 3,250 rpm, with a redline at 8,000 rpm. Ferrari quotes the 0 to 100 km/h sprint at 2.9 seconds, 0 to 200 km/h in 8.2 seconds and a top speed of 340 km/h (211 mph). Those are F8 Spider numbers, which is fitting: this is the F8 platform reimagined, not reinvented.

What separates the HC25 from the donor car is the bodywork and the design language. Manzoni’s team has wrapped the Spider in an entirely new silhouette that takes visual cues from Ferrari’s newer flagships, the 12Cilindri and the F80, while keeping the muscular wheel-arch treatment that has defined Ferrari’s mid-engined cars for decades. The body is finished in matt Moonlight Grey, with yellow accents on the Ferrari shields, the brake calipers and pulled through to the cabin where the same yellow appears against grey technical fabric.

The Design Story Ferrari Wants to Tell

The HC25 is doing more than honouring one customer’s brief. Ferrari has been explicit that this car is “an ideal bridge”, closing the chapter on the iconic non-hybrid mid-rear V8 platform while gesturing forward to the design language of the 12Cilindri and the F80. The body shape is meant to read as two distinct volumes, front and rear, separated by a wrapping three-dimensional central band that also serves as the functional thermal management element for the engine.

Look at the side profile and the central black ribbon is the dominant element. It starts at the base of the rear wheels, sweeps forward, curves vertically over the door, runs up to a sculpted handle and then folds back and merges into the rear screen. The door handle itself is integrated into a long blade milled from solid aluminium, bridging the two halves of the bodywork.

Up front, the headlights are an all-new module never used on any previous Ferrari, designed to enable a very thin lens with a central indentation that mirrors the split rear lights. The daytime running lights are arranged vertically for the first time on a Ferrari road car, exploiting the leading edge of the front wings to create a boomerang shape that Ferrari’s designers say echoes the yellow graphics inside the cabin.

One-Off Series, in Context

Ferrari’s Special Projects programme is the most exclusive corner of the company. Each car begins with a client’s idea, is developed with the Ferrari Design Studio over the course of around two years, and ends with a single completed vehicle that wears the prancing horse but exists nowhere else. The list of past one-offs includes the SP1, the SP12 EC built for Eric Clapton, the Superamerica 45, the SP3JC and a steady trickle of more recent commissions on top of the LaFerrari and 812 platforms.

The customer who commissioned the HC25 is unnamed, in keeping with Ferrari’s standard practice for Special Projects clients, but a deal at this level typically requires both an existing Ferrari ownership history and a budget in the multi-million range. Ferrari has not disclosed the price, and historically does not for these commissions.

Why This Car Is a Quiet Goodbye

For anyone tracking Ferrari’s product strategy, the most interesting thing about the HC25 is what it is built on. The F8 Spider was the last open-top Ferrari to use a mid-rear turbocharged V8 without any hybrid assistance. The 296 GTS that replaced it pairs a 3.0 litre V6 with a plug-in hybrid system, and from here on, Ferrari’s mid-engined cars carry electric motors regardless of where they sit in the range.

That makes the HC25 a kind of farewell letter to the pre-hybrid V8 era, even if it is only being sent to one address. Anyone buying a regular Ferrari today is buying into the hybrid programme that started with the SF90 and now runs through the 296, the F80 and the upcoming electric Ferrari. The HC25 acknowledges that shift by quoting the F80’s aesthetic language while staying loyal to the powertrain that defined the previous generation of mid-engined Ferraris.

Inside and Underneath

Wheel design is one of the more talked-about elements on this car. The five-spoke configuration features a diamond-finished outer rim, with a double recessed groove that enlarges the visual diameter, and slender dark-finished spokes that emphasise the rotational mass. The wheels measure 245/35 ZR 20 at the front on 9-inch rims and 305/35 ZR 20 at the rear on 11-inch rims, with the front brakes measuring 398 mm and the rear 360 mm.

Electronic control systems are taken from the F8 Spider parts bin: the eDiff3 electronic differential, F1-Trac traction control, high-performance ABS with Ferrari Pre-fill, the SCM-E variable suspension and the latest generation of FDE+ (Ferrari Dynamic Enhancer) and SSC 6.1 (Side Slip Control). The dimensions are slightly different from the donor F8 Spider: at 4,758 mm long, 2,006 mm wide and 1,183 mm tall on a 2,650 mm wheelbase, the HC25 is a touch longer and a fraction lower than the production car.

What the HC25 Tells Us About Ferrari

One-offs do not move volumes, but they do tell you what a manufacturer is thinking. The HC25 confirms a few things about Ferrari in 2026. The Special Projects programme is alive and active even as the production range pivots towards hybridisation and electrification. The F8 platform, although retired from regular production, still has enough flexibility to underpin new bespoke commissions if a customer is willing to fund the development. And Ferrari Design Studio under Flavio Manzoni is happy to use one-offs as a sketchpad for visual ideas that may make their way into series production cars later.

For everyone else, the HC25 is something to look at, not something to drive. The car will be on display at the Ferrari Racing Days at the Circuit of the Americas across the event weekend, and additional images and B-roll are being made available through Ferrari’s media channels. Beyond that, the HC25 will likely vanish into a private collection, photographed occasionally at concours events but never offered for sale.

That is what makes a Ferrari Special Projects commission what it is. The HC25 is not a model anyone else can have. It is a single Ferrari built for a single owner, and that exclusivity is the entire point. For Ferrari, it is also a chance to close a chapter on the non-hybrid mid-engined V8 era with a piece of design work that is allowed to be braver than anything the regulation-bound production cars can manage. On both counts, mission accomplished.