via TechCrunch
Elon Musk’s Boring Company Reportedly Raising $4 Billion at $20 Billion Valuation
Elon Musk’s tunneling startup, The Boring Company, is reportedly in advanced talks to raise a $4 billion funding round at a valuation of $20 billion, according to The Wall Street Journal. The deal has not yet closed, and terms could still change.
At $20 billion, the proposed valuation would represent a substantial increase from the company’s $5.7 billion valuation in 2022, when it last raised $675 million to scale its Loop projects.
The startup has already constructed a functioning tunnel network under Las Vegas, where Tesla vehicles shuttle passengers between stations. However, the company has faced challenges: tunnel workers have suffered serious injuries, and in 2025, Nevada regulators alleged that The Boring Company violated environmental regulations nearly 800 times.
Despite these setbacks, The Boring Company has announced plans to expand tunnel networks under Nashville and Dubai. According to the WSJ, the startup has also pitched projects in Baltimore, Chicago, and Los Angeles.
The Boring Company spun out of SpaceX in 2018. SpaceX went public in the largest IPO ever in June 2026, though its stock has since experienced a significant decline ahead of a planned Starship launch.