Elon Musk’s tunnel construction firm, the Boring Company, is negotiating a new funding round that would value the private startup at approximately $20 billion, according to reports from Wall Street Journal cited by Dawn Business.
The proposed valuation represents a significant jump from the $5.7 billion price tag established during a $675 million fundraising exercise in 2022.
The move highlights the continued market appetite for Musk’s broader ecosystem of ventures, even as attention remains fixed on SpaceX.
The aerospace giant is scheduled to launch its initial public offering on the Nasdaq this Friday, an event that market observers view as a critical test of investor sentiment toward Musk’s leadership and the broader trajectory of his private enterprises.
While the Boring Company has historically operated in the shadows of Tesla and SpaceX, the potential $20 billion valuation suggests investors are pricing in substantial growth expectations for urban infrastructure and tunneling technology.
The company has faced scrutiny in recent years over its operational scale and profitability, making the proposed valuation a notable benchmark for private infrastructure assets.