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

Elon Musk’s tunneling startup The Boring Company is successful talks to rise a $4 cardinal backing circular astatine a valuation of $20 billion, according to The Wall Street Journal.

The woody hasn’t closed and the presumption could change, the WSJ says. At $20 billion, the valuation would beryllium a important summation from The Boring Company’s $5.7 cardinal valuation successful 2022.

The startup has already built a web of tunnels nether Las Vegas, done which Teslas shuttle customers to antithetic stations. But passageway workers person suffered superior injuries, and Nevada regulators said past twelvemonth that The Boring Company violated biology regulations astir 800 times.

The Boring Company has announced plans to physique passageway networks under Nashville and Dubai. The WSJ says the startup has besides pitched projects successful Baltimore, Chicago, and Los Angeles.

The startup spun retired of SpaceX successful 2018. SpaceX precocious had the largest IPO ever, but its banal terms has taken a important dip since then.