The Boring Company Seeks $4 Billion at $20 Billion Valuation
Updated
Updated · The Economic Times · Jul 25
The Boring Company Seeks $4 Billion at $20 Billion Valuation
3 articles · Updated · The Economic Times · Jul 25
Summary
$4 billion in new funding is under discussion for Elon Musk's Boring Company, in a round that would value the tunnel startup at about $20 billion, according to the Wall Street Journal.
The talks have not closed and terms could still change, leaving the proposed valuation and fundraising size unsettled.
$20 billion would mark a sharp jump from the company's $5.7 billion valuation in 2022, when it raised $675 million.
The company operates the Vegas Loop, which says it has carried more than 3 million passengers through eight stations since service began in 2021.
Its expansion plans already extend beyond the U.S.: Boring signed an initial deal last year with Dubai's transport authority for a 17-km underground network.