According to the Wall Street Journal (WSJ), Elon Musk’s tunneling startup, The Boring Company, is valued at $20 billion and is in discussions to raise $4 billion in funding.
WSJ said the deal was not closed and terms were subject to change. This value would be $20 billion, a significant increase over The Boring Company’s $5.7 billion valuation in 2022.
The startup has already built a network of tunnels under Las Vegas, through which Tesla will shuttle customers to different stations. But tunnel workers suffered serious injuries, and Nevada regulators said last year that The Boring Company violated environmental regulations nearly 800 times.
The Boring Company has announced plans to build a network of tunnels in Nashville and Dubai. WSJ reports that the startup has also announced projects in Baltimore, Chicago, and Los Angeles.
The startup was spun off from SpaceX in 2018. SpaceX recently had the largest IPO ever, but its stock price has fallen significantly since then.
