The Boring Company, Elon Musk’s tunnel construction venture, is seeking fresh capital in a round that would value the company at about $20 billion, according to The Wall Street Journal. Founded in 2016, the company focuses on underground transportation tunnel technology designed to ease urban traffic congestion. It already operates the Vegas Loop project in Las Vegas, Nevada, and is planning to expand its underground transit network to more cities. The report points to a new financing push as the company continues to build out its transportation ambitions in the U.S. No further details on the size of the round or participating investors were disclosed in the provided report. The fundraising effort centers on a business that has positioned itself around tunnel-based urban mobility infrastructure.
The Boring Company, Elon Musk’s tunnel construction company, is seeking new funding in a round that would value it at about $20 billion, according to The Wall Street Journal.
Founded in 2016, the company develops underground transportation tunnel technology aimed at reducing urban traffic congestion.
It currently operates the Vegas Loop project in Las Vegas in the United States and plans to expand underground transportation networks to more cities.
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