Boring Company, $20B valuation for $4B funding round
Original: Elon Musk’s Boring Company reportedly raising funding at a $20 billion valuation
Why This Matters
A $20B valuation signals growing investor appetite for large-scale urban tunneling infrastructure.
Elon Musk's tunneling startup The Boring Company is in talks to raise $4 billion at a $20 billion valuation, per the Wall Street Journal. This marks a major jump from its $5.7 billion valuation in 2022. The deal has not yet closed and terms may change.
According to the Wall Street Journal, The Boring Company is in discussions to raise a $4 billion funding round at a $20 billion valuation — a roughly 3.5x increase from its last known valuation of $5.7 billion in 2022. The deal has not closed, and terms could still change.
The company, which spun out of SpaceX in 2018, has already built and operates a tunnel network beneath Las Vegas, where Tesla vehicles shuttle passengers between stations. However, the company has faced regulatory scrutiny: Nevada regulators cited nearly 800 environmental violations, and tunnel workers have reported serious injuries.
The Boring Company has announced planned tunnel networks in Nashville and Dubai, and has also pitched projects in Baltimore, Chicago, and Los Angeles, according to the WSJ. The fundraise comes as SpaceX — which recently completed what was described as the largest IPO ever — has seen its stock price decline since listing.