• 2 min read
Boring Company seeks funding at $20 billion valuation
The Boring Company is reportedly seeking $4 billion at a $20 billion valuation, despite safety and environmental scrutiny.
Image: TechCrunch
Elon Musk’s tunneling startup The Boring Company is reportedly in talks to raise $4 billion at a $20 billion valuation, according to The Wall Street Journal. The deal has not closed, and its terms could still change, the newspaper reported.
If completed at that valuation, the round would mark a sharp increase from the company’s $5.7 billion valuation in 2022. The startup has already built a tunnel network under Las Vegas, where Teslas shuttle customers between stations.
The company’s expansion has faced safety and regulatory scrutiny. Tunnel workers have suffered serious injuries, while Nevada regulators said last year that The Boring Company violated environmental regulations nearly 800 times.
The startup has announced plans for tunnel networks under Nashville and Dubai. The WSJ also reported that it has pitched projects in Baltimore, Chicago, and Los Angeles.
The Boring Company spun out of SpaceX in 2018. SpaceX recently held the largest IPO ever, although its stock price has taken a significant dip since then.
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Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via TechCrunch
