Elon Musk's Boring Company Is Raising Money at a $20 Billion Valuation. Here's How His Empire Outside Tesla Is Growing.
Written by Johnny Rice for The Motley Fool -> The Boring Company is reportedly raising $4 billion at a $20 billion valuation -- nearly four times its 2022 price tag -- as its Vegas Loop prepares to …
The Boring Company is reportedly raising $4 billion at a $20 billion valuation -- nearly four times its 2022 price tag -- as its Vegas Loop prepares to expand to the airport.
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The Boring Company, Elon Musk's tunneling venture, is in talks to raise roughly $4 billion in a private stock offering at a valuation of about $20 billion, according to a report from The Wall Street Journal . The last time it was formally priced, back in 2022, the number was $5.7 billion. That's a nearly fourfold increase in four years.
So what are private investors paying for? And what about Musk's other, smaller ventures outside of Space Exploration Technologies (NASDAQ: SPCX) and Tesla (NASDAQ: TSLA) ?
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The Boring Company is so-named because that's what it does: bores through the earth. The massive tunnels are then converted into "hyperloops" in which Tesla's cars can travel rapidly, without traffic, between major hubs. That's the idea, at least.
The company's Las Vegas Loop has moved more than 4 million passengers across 11 stations and will soon expand to include the nearby Harry Reid International Airport. This, according to the company, will take annual ridership from around 1 million to between 5 million and 10 million. Outside of Las Vegas, projects are planned in both Nashville, Tennessee, and Dubai, United Arab Emirates.
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