Axial flux machines (AFMs) are used in applications that require high power and torque densities in a pancake-type form factor. There are various types of AFMs based on the configuration of the rotor/stator and permanent magnet (PM) orientation. Most AFMs employ surface permanent magnet machines and as the result, the machine has low inductance and saliency. In this paper, an axial flux machine with interior V-shaped permanent magnets is proposed. The machine is designed in a double stator single rotor (DSSR) configuration to attain balanced axial forces. The interior permanent magnet (IPM) AFM has higher inductance and saliency. This enables the machine to operate in a wide speed range. Furthermore, the use of magnet and reluctance torque allows the machine to reduce the magnet usage for the same power rating. The paper presents the structure, operating principle, design considerations and a comparison with existing AFM topologies. 3D finite element analysis (FEA) models are used in the design procedure to design machines achieving the maximum torque density while staying within the mechanical and electrical constraints.