WipEout XL is set in the year 2097, around four decades after its predecessor. Instead of the F3600 anti-gravity racing competition, the game features an even faster and more dangerous tournament: the F5000 AG league. The gameplay system is similar to that of the previous game: players race against each other or computer in high-speed futuristic environments, liberally picking up weapons scattered around the stages and using them against the opponents to finish the race in the highest position.