Elon Musk's Boring Company reportedly raising funding at a $20 billion valuation
Elon Musk's tunneling startup The Boring Company is reportedly in talks to raise $4 billion at a $20 billion valuation, a significant jump from its $5.7 billion valuation in 2022.
According to The Wall Street Journal, Elon Musk's tunneling startup The Boring Company is in discussions to raise a $4 billion funding round at a valuation of $20 billion. The deal has not yet closed, and terms could change.
At $20 billion, the valuation would mark a substantial increase from the company's $5.7 billion valuation in 2022. The startup has already built a network of tunnels under Las Vegas, where Teslas shuttle customers between stations.
However, the company has faced challenges: tunnel workers have suffered serious injuries, and last year Nevada regulators said The Boring Company violated environmental regulations nearly 800 times. Despite this, the startup has announced plans to build tunnel networks under Nashville and Dubai. It has also pitched projects in Baltimore, Chicago, and Los Angeles.
The Boring Company spun out of SpaceX in 2018. SpaceX recently had the largest IPO ever, but its stock price has taken a significant dip since then.
