Elon Musk’s Boring Company seeks funding at $20B valuation
Reported deal would nearly quadruple the startup's valuation
Elon Musk's tunnelling startup, The Boring Company, is reportedly in talks to raise $4 billion in a funding round that would value the business at $20 billion, according to The Wall Street Journal.
The deal has not yet been finalised, and the terms remain subject to change. If completed, the funding round would represent a significant jump from the company's $5.7 billion valuation in 2022.
The Boring Company, which Musk spun out of SpaceX in 2018, develops underground transportation systems designed to reduce urban traffic congestion.
Funding could significantly boost company valuation
According to the report, the proposed fundraising would nearly quadruple the company's valuation compared with its previous funding round.
The startup currently operates the Las Vegas Convention Center Loop, where Tesla vehicles transport passengers through a network of underground tunnels linking multiple stations.
Expansion plans continue despite regulatory challenges
The company has announced plans to expand its tunnel projects to Nashville and Dubai. It has also previously proposed underground transportation networks in cities including Baltimore, Chicago and Los Angeles.
Despite its growth ambitions, The Boring Company has faced criticism over workplace safety and regulatory compliance. Reports have documented serious injuries involving tunnel workers, while Nevada regulators said last year that the company violated environmental regulations nearly 800 times.
Neither Musk nor The Boring Company has publicly commented on the reported funding discussions. According to The Wall Street Journal, negotiations are ongoing and the final terms could still change before any deal is completed.
