LAS VEGAS — The Boring Company, Elon Musk's tunneling venture, is in talks to raise roughly $4 billion in a new funding round that would value the startup at about $20 billion, according to a Wall Street Journal report. The deal has not closed and terms could still change, but the target marks a dramatic step up for a company that was valued at $5.7 billion in 2022.
From a Las Vegas Loop to a National Pitch
The Boring Company made its name beneath the Las Vegas Convention Center, where a network of tunnels shuttles passengers in Teslas between stations, skipping the surface-level congestion above. That proof of concept has become the company's calling card as it pitches far larger systems. The startup has announced plans for tunnel networks under Nashville and Dubai, and according to the WSJ it has floated projects in Baltimore, Chicago, and Los Angeles. The ambition echoes the scale-first mindset across Musk's ventures, from Tesla's recent 10-millionth vehicle milestone to SpaceX's record launch cadence.
A Valuation That Reflects Momentum
A $20 billion valuation would roughly quadruple the company's 2022 figure, a reflection of both investor appetite for Musk-led ventures and the tangible progress the Loop system has shown in Las Vegas. Fresh capital of that size would give The Boring Company the runway to pursue multiple city-scale tunnel projects at once, accelerating a construction pipeline that has historically been gated by funding rather than demand.
