Elon Musk’s Boring Company reportedly raising funding at a $20 billion valuation
The Boring Company is reportedly seeking a $4 billion funding round that would value the tunneling startup at $20 billion. Despite ambitious expansion plans, the company faces scrutiny over workplace safety and environmental regulatory violations.
Why it matters
This valuation reflects high investor confidence in Elon Musk's infrastructure ventures despite significant operational and regulatory hurdles.
Elon Musk’s tunneling startup The Boring Company is in talks to raise a $4 billion funding round at a valuation of $20 billion, according to The Wall Street Journal .
The deal hasn’t closed and the terms could change, the WSJ says. At $20 billion, the valuation would be a significant increase from The Boring Company’s $5.7 billion valuation in 2022 .
The startup has already built a network of tunnels under Las Vegas, through which Teslas shuttle customers to different stations. But tunnel workers have suffered serious injuries , and Nevada regulators said last year that The Boring Company violated environmental regulations nearly 800 times .
The Boring Company has announced plans to build tunnel networks under Nashville and Dubai. The WSJ says the startup has also pitched projects in Baltimore, Chicago, and Los Angeles.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in