Elon Musk’s Boring Company reportedly raising funding at a $20 billion valuation

Elon Musk’s tunneling startup The Boring Company is in talks to raise a $4 billion funding round at a valuation of $20 billion, according to The Wall Street Journal. The deal hasn’t closed and the terms could change, the WSJ says. At $20 billion, the valuation would be a significant increase from The Boring Company’s $5.7 billion valuation in 2022. The startup has already built a network of tunnels under Las Vegas, through which Teslas shuttle customers to different stations. But tunnel workers have 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 tunnel networks under Nashville and Dubai. The WSJ says the startup has also pitched projects in Baltimore, Chicago, and Los Angeles. The startup spun out of SpaceX in 2018. SpaceX recently had the largest IPO ever, but its stock price has taken a significant dip since then. Scale faster. Grow your portfolio. Gain practical expertise. No matter your goal, Disrupt can empower you.Save up to $330 today! Every weekday and Sunday, you can get the best of TechCrunch’s coverage. TechCrunch Mobility is your destination for transportation news and insight. Startups are the core of TechCrunch, so get our best coverage delivered weekly. Provides movers and shakers with the info they need to start their day. By submitting your email, you agree to our Terms and Privacy Notice.

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Source: TechCrunch

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