An article summarized by TechCrunch:
Elon Musk’s tunneling startup, The Boring Company, is reportedly in talks to raise $4 billion in a new funding round that would value the company at $20 billion, according to The Wall Street Journal. While the deal has not been finalized and terms could still change, the proposed valuation would mark a sharp increase from the company's $5.7 billion valuation in 2022.
The Boring Company is best known for its underground transportation system in Las Vegas, where Teslas transport passengers through a network of tunnels. However, the company has also faced criticism over worker safety, with reports of serious injuries, and Nevada regulators have accused it of nearly 800 environmental violations.
Looking ahead, The Boring Company plans to expand its tunnel projects to Nashville and Dubai, while also proposing systems in cities including Baltimore, Chicago, and Los Angeles. The company was spun out of SpaceX in 2018 and continues to pursue Musk's vision of easing urban traffic through underground transit.
