LAS VEGAS — The Boring Company is in advanced talks to raise about $4 billion in fresh capital at a valuation of roughly $20 billion, a milestone that would nearly triple the tunneling venture's worth in under four years and hand it a war chest to accelerate projects from Nashville to Dubai.
The financing was reported over the weekend by The Wall Street Journal and confirmed by multiple outlets, including TechCrunch. The terms have not been finalized and could still shift, but the target marks a striking vote of confidence in Elon Musk's vision of digging his way out of traffic. At $20 billion, the company would be valued far above the $5.7 billion figure attached to its last major round in 2022.
From One Loop to a Network
What began as a single demonstration tunnel has grown into an operating transit system. Beneath the Las Vegas Convention Center, a fleet of Teslas already shuttles riders between stations through the Vegas Loop, and the company has steadily won approvals to extend that network across the city. As we reported when Las Vegas cleared a station at UNLV, the Loop has become a template other cities now want to copy.
The new capital would fund the machines and crews needed to turn those approvals into finished tunnels. The Boring Company is racing to debut its first out-of-state passenger tunnel in Nashville this fall, and it has pitched projects in Baltimore, Chicago and Los Angeles, according to people familiar with its plans.
