Elon Musk’s tunnel construction startup, The Boring Company, is reportedly negotiating a new funding round that could value the company at approximately $20 billion, according to a report published.
The report stated that the company is seeking to raise around $4 billion through the proposed financing. However, the funding round has not yet been finalized, and the terms of the deal remain subject to change.
The Boring Company did not immediately respond to requests for comment outside regular business hours.
Founded by Elon Musk, whose business portfolio includes Tesla, SpaceX, and Neuralink, The Boring Company focuses on developing tunneling technology and transportation systems designed to move passenger pods through underground, low-pressure tubes connecting cities.
The startup last secured major funding in 2022, when it raised $675 million, resulting in a company valuation of $5.7 billion.
In the United States, The Boring Company operates the Vegas Loop in Las Vegas, Nevada, a transportation system that began carrying passengers in 2021. According to the company’s website, the network has transported more than 3 million passengers across its eight stations.
The Boring Company is pursuing a fresh funding round that could significantly increase its valuation to about $20 billion. While discussions to raise approximately $4 billion are ongoing, the deal has not yet closed, and the terms may still change. If completed, the fundraising would mark a substantial jump from the company’s $5.7 billion valuation achieved in 2022 while underscoring continued investor interest in its underground transportation technology.
