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If the trilogy is completed, it will tell the story of Atlas Shrugged, set in a dystopian United States where leading innovators, from industrialists to artists, are led by John Galt to go on strike, "stopping the motor of the world" to reassert the importance of the free use of the mind and of free market capitalism.

It is 2016 and the United States is in a sustained economic depression. Oil scarcity resulted in the return of railroads as the nation's primary mode of transportation. After a major accident on the Rio Norte line of the Taggart Transcontinental railroad, CEO James Taggart shirks responsibility. His sister Dagny Taggart, Vice-President in Charge of Operation, unilaterally decides to save part of the railroad by replacing the aging track with new rails made of the experimental Rearden Metal, which its inventor, Hank Rearden, claims is lighter yet stronger than conventional steel.

Politician Wesley Mouch—nominally Rearden's lobbyist in Washington, D.C.—is part of a crowd that views heads of industry as persons who must be broken or tamed. James Taggart uses political influence to ensure that Taggart Transcontinental is designated the exclusive railroad for the state of Colorado. Dagny is confronted by Ellis Wyatt, a Colorado oil man angry to be forced to do business with Taggart Transcontinental. Dagny promises him that he will get the service he needs. Dagny encounters childhood friend and former lover Francisco d'Anconia, who presents a façade of a playboy grown bored with the pursuit of money. He reveals that a series of copper mines he built are worthless, costing his investors millions.

Rearden lives in a magnificent home with a wife and a brother who are happy to live off his effort, though they overtly disrespect it. Rearden's anniversary gift to his wife Lillian is a bracelet from the first batch of Rearden Metal, but she considers it a garish symbol of Hank's egotism. At a dinner party, Dagny dares Lillian to exchange it for Dagny's diamond necklace, which she does.

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As Dagny and Hank rebuild the Rio Norte line, talented people quit their jobs and refuse all inducements to stay. Meanwhile, Dr. Robert Stadler of the State Science Institute puts out a report implying that Rearden Metal is dangerous. Taggart Transcontinental stock plummets because of its use of Rearden Metal, and Dagny leaves Taggart Transcontinental temporarily and forms her own company to finish the Rio Norte line. She renames it the John Galt Line after the phrase "Who is John Galt?"—which has become a meme for any question to which it is pointless to seek an answer.

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A new law forces Rearden to sell most of his businesses, but he retains Rearden Steel for the sake of his metal and to finish the John Galt Line. The line opens and completes its first run safely. Hank and Dagny celebrate the success of the line at the home of Wyatt, now a close friend. That night, Dagny and Hank make love. The next morning, they begin investigating an abandoned prototype of an advanced motor that could revolutionize the world. They realize the genius of the motor's creator and search for him. Dagny tracks down Dr. Hugh Akston, working as a cook at a diner; he understands whom Dagny is seeking and says she will never find him.
Another new law limits rail freight and levies a special tax on Colorado. When Dagny hears that Wyatt's oil fields are on fire, she rushes to his home but finds a handwritten sign that reads, "I am leaving it as I found it. Take over. It's yours." The film closes with an answering machine voice-over of Wyatt declaring that he is on strike.

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In 1972, Albert S. Ruddy approached Rand to produce a cinematic adaptation of Atlas Shrugged. Rand insisted on having final script approval, which Ruddy refused to give her, thus preventing a deal. In 1978, Henry and Michael Jaffe negotiated a deal for an eight-hour Atlas Shrugged television miniseries on NBC. Michael Jaffe hired screenwriter Sterling Silliphant to adapt the novel and he obtained approval from Rand on the final script. However, in 1979, with Fred Silverman's rise as president of NBC, the project was scrapped. Rand, a former Hollywood screenwriter herself, began writing her own screenplay, but died in 1982 with only one third of it finished. She left her estate, including the film rights to Atlas Shrugged, to her student Leonard Peikoff, who sold an option to Michael Jaffe and Ed Snider. Peikoff would not approve the script they wrote and the deal fell through. In 1992, investor John Aglialoro bought an option to produce the film, paying Peikoff over $1 million for full creative control. In 1999, under John Aglialoro's sponsorship, Albert Ruddy negotiated a deal with Turner Network Television for a four-hour miniseries, but the project was killed after the AOL Time Warner merger. After the TNT deal fell through, Howard and Karen Baldwin obtained the rights while running Phillip Anschutz's Crusader Entertainment. The Baldwins left Crusader and formed Baldwin Entertainment Group in 2004, taking the rights to Atlas Shrugged with them. Michael Burns of Lions Gate Entertainment approached the Baldwins to fund and distribute Atlas Shrugged. A two-part draft screenplay written by James V. Hart was re-written into a 127-page screenplay by Randall Wallace, with Vadim Perelman expected to direct. Potential cast members for this production had included Angelina Jolie, Charlize Theron, Julia Roberts, Anne Hathaway, Russell Crowe, and Brad Pitt. Between 2009 and 2010, however, these deals came apart, including studio backing from Lions Gate, and therefore none of the stars mentioned above appear in the final film, Wallace did not do the screenplay, and Perelman did not direct. Aglialoro says producers have spent "something in the $20 million range" on the project over the last 18 years.