The Boring Company Raises $3 Billion at $23 Billion Valuation
2 sources across 2 countries · Italy · United Kingdom
Who reported this
- Corriere della Sera
- Reuters
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Elon Musk's tunnel startup, The Boring Company, has raised $3 billion in a funding round that values the company at $23 billion. This fourth capital increase was primarily funded by investors from the United Arab Emirates, with additional contributions from American venture capital firms including Sequoia, Valor Capital, and A16Z. Since its founding in late 2016, the company has raised nearly $4 billion in total.
The company has completed one project to date, the Vegas Loop in Nevada, and has secured contracts in Tennessee and Dubai. The new funds will be used to develop a fully autonomous excavating machine and to dig more than 150 kilometers of tunnels in the Emirates. Musk described the fight against traffic as the final monster, noting that even the most powerful people in the world cannot defeat it.
Beyond traffic mitigation, the company aims to reclaim urban space. The Boring Company claims that roads and parking lots occupy between 20 percent and 60 percent of city surfaces. The company has also implemented industrial tunnels, such as one at the Tesla gigafactory in Texas, which reduced the transport time of Cybertrucks from 12 minutes on the highway to one minute via tunnel.
How each side framed it
- Centre
- The reporting focused strictly on the financial figures of the funding round and the company valuation.
- Centre-right
- The reporting emphasized the strategic utility of the tunnels for urban real estate and industrial efficiency.
Sources
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