Elon Musk’s Boring Company eyes $20 billion valuation, seeks $4 billion in fresh funding: Report
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Elon Musk’s tunnel company reportedly wants $4 billion from investors
Elon Musk’s Boring Company is reportedly seeking around $4 billion at a $20 billion valuation, up sharply from $5.7 billion in 2022. The funding talks come as the tunnelling startup expands its Loop projects from Las Vegas to Nashville and Dubai.
Elon Musk’s underground transportation bet could soon be worth $20 billion. The Boring Company is in talks to raise around $4 billion from investors at a valuation of roughly $20 billion, according to The Wall Street Journal. The deal has not yet closed and its size and terms could still change. If completed at that valuation, it would mark a dramatic jump for the tunnelling startup. The company was valued at about $5.7 billion in 2022, when it raised $675 million from investors including Sequoia Capital, Vy Capital and Founders Fund.
What exactly does The Boring Company do?
Musk created The Boring Company around a simple but ambitious idea: instead of endlessly expanding congested roads, cities could move some traffic underground. Its best-known operating system is in Las Vegas, where Tesla vehicles transport passengers through tunnels and surface routes connecting stations around the Las Vegas Convention Center and Strip. But the company’s ambitions stretch much further. It is developing the Music City Loop in Nashville, designed to connect downtown with Nashville International Airport. The company says the journey could take around nine minutes.
From Las Vegas to Dubai
Dubai is another major test. The Boring Company has signed an agreement with Dubai’s Roads and Transport Authority for the Dubai Loop. Its pilot system is planned to include 6.4 kilometres of tunnel and four stations. These projects could help determine whether Musk’s tunnel concept can grow from a relatively small Las Vegas network into a transport system that cities around the world are willing to adopt.
But Boring Company has faced problems
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The expansion has not been without controversy. Nevada regulators accused The Boring Company in 2025 of hundreds of environmental violations connected with its Las Vegas construction activities. The company disputed the allegations. Several other projects pitched over the years, including ideas for Baltimore, Chicago and Los Angeles, have also failed to develop into operating networks.
That makes the reported $20 billion valuation particularly notable. Investors would effectively be betting that The Boring Company can turn its tunnelling technology and Loop concept into a much larger global infrastructure business. The reported fundraising has not been finalised. But if it closes near the proposed valuation, Musk’s underground transport experiment will have become nearly four times as valuable as it was just four years ago.
