You are asking for $X$ such that the canonical map $X \to \Omega(\Sigma X), x \mapsto (t \mapsto (x,t))$ is a weak homotopy equivalence (where $\Sigma$ is reduced suspension and $\Omega$ is loop space).
By a theorem of Bott–Samelson, the homology of $\Omega \Sigma X$ with field coefficients is isomorphic to the free associative algebra on the vector space $\tilde{H}_*(X)$, the tensor algebra $T(\tilde{H}_*(X))$. Moreover the canonical map $X \to \Omega \Sigma X$ induces the canonical inclusion $H_*(X) \to T(\tilde{H}_*(X))$ on homology. (See e.g. Theorem 7.3.1 in Selick's Introduction to Homotopy Theory.) This inclusion is not an isomorphism unless $\tilde{H}_*(X) = 0$. It follows that under your assumptions, $X$ is acyclic.
(Credit due to Mike Miller for the last steps.) Then $\pi_1(X) = \pi_2(\Sigma X)$ is abelian, so $\pi_1(X) = H_1(X) = 0$ by Hurewicz. A simply connected acyclic CW-complex is contractible.