The Boring Company Pursues $4 Billion Funding Round Valued at $20 Billion

Elon Musk’s tunneling venture, The Boring Company, is reportedly negotiating a $4 billion financing round that would value the firm at $20 billion, per The Wall Street Journal.

The agreement has not yet been finalized, and the conditions may be adjusted, the newspaper notes. A $20 billion valuation would represent a substantial rise from the company’s $5.7 billion valuation in 2022.

The company has already constructed a tunnel network beneath Las Vegas, enabling Teslas to transport passengers between stations. However, tunnel workers have experienced serious injuries, and Nevada regulators reported last year that The Boring Company breached environmental regulations almost 800 times.

The Boring Company has disclosed plans to develop tunnel systems in Nashville and Dubai, and the Wall Street Journal reports that it has also proposed projects in Baltimore, Chicago, and Los Angeles.

Founded as a spin‑off of SpaceX in 2018, the startup benefited from its parent’s record‑breaking IPO, although SpaceX’s share price has since declined markedly.

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