The Boring Company raises $3 billion as demand for Musk Inc booms
The Boring Company has raised $3 billion at a $23 billion valuation, signaling continued investor appetite for Elon Musk's ventures. Despite past setbacks in city-wide transit projects, the company is focusing on expanding its Vegas Loop tunnel system.
Why it matters
The funding round underscores the massive capital influx into Musk-led companies, even as their ambitious infrastructure projects face significant real-world implementation challenges.
Elon Musk founded The Boring Company after becoming frustrated with LA traffic. credit should read ROBYN BECK/AFP via Getty Images Even more money is flowing into Elon Musk's business empire. The Boring Company, the billionaire's tunneling startup, said on Thursday it had raised $3 billion at a $23 billion valuation. Investors are flocking to Musk's companies after SpaceX's IPO, but they may have to pitch in more than just funding. Investors can't get enough of Elon Musk Inc. The Boring Company, the tunneling company Musk founded with the aim of "defeating traffic," announced on Thursday it had raised $3 billion in a funding round that values the startup at $23 billion. It's the latest major injection of cash into Musk's business empire, after SpaceX raised $86 billion in a record-breaking public listing in June. Investors have continued to clamor for a piece of anything Musk-related.
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