The Boring Company raises $3 billion as demand for Musk Inc booms
The Boring Company, the tunneling company Musk founded with the aim of "defeating traffic," said it had raised $3 billion at a $23 billion valuation.
Elon Musk's tunneling startup, The Boring Company, has raised $3 billion in a funding round valued at $23 billion. The investment round, which included Sequoia Capital, A16z, and Baron Capital, marks the latest significant infusion of capital into Musk's business empire, following SpaceX's record-breaking IPO in June. The Boring Company, founded in 2016 by Musk after he became frustrated with Los Angeles traffic, initially aimed to build hyperloops but shifted focus to tunneling projects.
The company's main project now is the Vegas Loop, a transit system beneath the Las Vegas Convention Center, with plans to expand to around 68 miles of tunnels. In addition to the U.S. market, The Boring Company has secured a deal to build over 150km of tunnels in the United Arab Emirates, its lead investor in the Series D funding round.
In exchange for investment, investors may need to assist with recruiting employees or arranging business deals, a condition Musk confirmed in a post on X.
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