Musk's Boring Company seeks funding at $20 billion valuation, WSJ says

Elon Musk's tunnel construction startup, the Boring Company, is in talks to raise new funding that would value it at about $20 billion, the Wall Street Journal said on Friday, citing people familiar with the talks.

• Musk, whose business interests include Tesla, SpaceX and Neuralink, founded the company to develop tunneling technology and transport systems to carry passenger pods through underground, low-pressure tubes between cities.
• The company is in talks to raise about $4 billion, WSJ said, adding that the funding round had not yet closed, and terms could still change.
• Reuters could not immediately verify the report. The Boring Company could not immediately be reached for comment outside regular business hours.
• The Boring Company was valued at $5.7 billion in 2022 after a $675-million fundraising exercise.
• In the United States, it runs the Vegas Loop in Las Vegas, Nevada, which began transporting passengers in 2021. On its website, the company says the system has carried more than 3 million passengers through its eight stations.
• Last year, the company and Dubai's Road and Transport Authority signed an initial pact to build the Dubai Loop, an underground high-speed transport network spanning 17 km (11 miles).

Reuters

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