Elon Musk's Boring Company is reportedly in discussions to raise fresh funding at a valuation of about $20 billion. If completed, the new round would represent a sharp increase from the company's 2022 valuation, when it was priced at $5.7 billion after raising $675 million.
The company was founded by Musk to focus on tunneling technology and transportation systems designed to move passengers through underground routes. The latest fundraising talks suggest investors may still see significant growth potential in that vision, despite a tougher funding climate for many private companies.
Musk's wider business empire includes Tesla, SpaceX and Neuralink, giving any financing move tied to one of his ventures added market attention. A higher valuation for the Boring Company would place it among the more closely watched private infrastructure and transport startups linked to the billionaire entrepreneur.
Details on the size of the potential funding round and any participating investors were not included in the report. Still, the valuation target alone highlights how much the company is seeking to expand its standing since its last major fundraising exercise.
