Elon Musk's Boring Company now valued at $6 billion, company says
Musk's company is building Tunnels in Las Vegas, Texas and Florida
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Billionaire Elon Musk's The Boring Company (TBC) is now valued at nearly $6 billion following its latest infusion of financing, the company announced Thursday.
The company is building Tesla transportation tunnels in cities across the country, from Las Vegas to San Antonio, Texas and Fort Lauderdale, Florida. TBC's latest infusion of funding amounted to $675 million, primarily from Vy Capital and Sequoia Capital. TBC is now valued at $5.675 billion.
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Musk founded the company in 2016 with the aim of relieving traffic congestion without creating more surface roads.
"The funds from the round will be used to significantly increase hiring across engineering, operations, and production to build and scale Loop projects, including Vegas Loop and others, in addition to accelerating the research and development of Prufrock and future products," Musk's company said in a statement.
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Prufrock is the company's term for its boring machine, which it says can cut out a tunnel up to four miles long in less than a month. The company's vision is to create a machine that can dig much more quickly, however.
"Prufrock-3 is designed to be even faster, with the medium term goal of 1/10 human walking speed, or 7 miles/day," the company said.