As you certainly known by now, last week Elon Musk struck a deal to buy Twitter. But the Twitter acquisition was not Musk’s only major business move from the last few weeks. Elon Musk’s other, other, other company just raised money at a big new valuation. Not Tesla. Not SpaceX. The Boring Company.
The Boring Company (that’s Boring as in “boring tunnels,” the company’s specialty) just underwent another round of new funding. Boring raised $675 million at a new overall valuation of $5.7 billion in the process.
The Founders Fund, headed by Peter Thiel, was among the investors participating in the funding round, as were Vy Capital and Sequoia Capital and various other investors.
The Boring Company’s current ongoing project is 29-mile loop underneath Las Vegas, which is supposed to eventually move 57,000 passengers per hour in cars riding along the tunnel, with 51 stations along the way. The company also wants to expand the network and eventually link up Las Vegas to Los Angeles via these underground tunnels.
That is essentially an unproven project as of now, but Musk’s company has plenty more money to keep the experiment moving, and increasing numbers of investors seem to see some potential in it. The company last raised funds in 2019, when it took in $120 million in new investments, against a valuation of $920 million, meaning the company has seen significant growth over the last three years.
It’s also not the only novel transit idea being floated by Musk, who is also a proponent of so-called “hyperloop” transportation, involving specialized high-speed pods that can theoretically whisk travelers from place to place at up to 600 miles and hour. Various companies (including Richard Branson’s Virgin Hyperloop) are said to be developing hyperloop tech, which is still in its early planning stages.