A novel topology of high-speed Switched Reluctance Machine (SRM) for high-performance traction applications is presented in this article. The target application, a Hybrid Electric Vehicle (HEV) in the sport segment poses very demanding specifications on the power and torque density of the electric traction machine. After evaluating multiple alternatives, the topology proposed is a 2-phase axial flux machine featuring both segmented twin rotors and a segmented stator core. Electromagnetic, thermal and mechanical models of the proposed topology are developed and subsequently integrated in an overall optimisation algorithm in order to find the optimal geometry for the application. Special focus is laid on the thermal management of the machine, due to the tough thermal conditions resulting from the high frequency, high current and highly saturated operation. Some experimental results are also included in order to validate the modelling and simulation results.