Since its introduction a few years ago, the linear ion trap-Orbitrap (LTQ Orbitrap) instrument has become a powerful tool in proteomics research. For high resolution MS measurements ions are accumulated in the linear ion trap and passed on to the Orbitrap analyzer. Simultaneously with acquisition of this signal, the major peaks are isolated in turn, fragmented and recorded at high sensitivity in the linear ion trap, combining the strengths of both mass analyzer technologies. Here we describe a next generation LTQ Orbitrap system termed Velos, with significantly increased sensitivity and scan speed. This is achieved by a vacuum interface using a stacked ring RF ion guide with ten-fold higher transfer efficiency in MS/MS mode and 3-5 fold in full scan spectra, by a dual pressure ion trap configuration, and by reduction of overhead times between scans. The first ion trap efficiently captures and fragments ions at relatively high pressure whereas the second ion trap realizes extremely fast scan speeds at reduced pressure. Ion injection times for MS/MS are predicted from full scans instead of performing automatic gain control scans. Together these improvements routinely enable acquisition of up to ten fragmentation spectra per second. Furthermore, an improved higher collision energy dissociation (HCD) cell with increased ion extraction capabilities was implemented. CID and HCD with high mass accuracy Orbitrap readout are as sensitive as ion trap MS/MS scans in the previous generation of the instrument.