Elon Musk’s Boring Company reportedly raising funding at a $20 billion valuation
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- The Boring Company is in talks to raise a $4 billion funding round at a $20 billion valuation, according to the Wall Street Journal, though the deal hasn't closed and terms could change
- The $20 billion figure would be a sharp jump from the tunneling startup's $5.7 billion valuation in 2022
- The company has already built a tunnel network under Las Vegas that shuttles Tesla customers between stations and announced plans for tunnel networks under Nashville and Dubai
- Nevada regulators said last year that the company violated environmental regulations nearly 800 times, and tunnel workers have suffered serious injuries
- The Boring Company has pitched additional projects in Baltimore, Chicago, and Los Angeles; the startup spun out of SpaceX in 2018
Why it matters: The 3.5x valuation jump from $5.7 billion to $20 billion comes despite nearly 800 environmental violations and worker injury reports, positioning the Las Vegas loop as a de facto proving ground before expansion into Nashville, Dubai, and three other pitched markets.
