Elon Musk’s Boring Company reportedly raising funding at a $20 billion valuation

The Boring Company is reportedly in talks to raise $4 billion at a $20 billion valuation, up sharply from its $5.7 billion valuation in 2022. The tunneling startup operates a Tesla shuttle tunnel network in Las Vegas and has announced or pitched projects in cities including Nashville, Dubai, Baltimore, Chicago, and Los Angeles, despite worker safety and environmental violations.

The potential raise suggests investors still see major upside in urban tunneling despite slow deployment and regulatory scrutiny. A higher valuation could help the company pursue more city contracts, but safety, environmental compliance, and project execution remain key risks.