Elon Musk's tunnel construction startup, the Boring Company, is in talks to raise new funding that would value it at about $20 billion, the Wall Street Journal said on Friday, citing people familiar with the talks.
Musk, whose business interests include Tesla, SpaceX and Neuralink, founded the company to develop tunneling technology and transport systems to carry passenger pods through underground, low-pressure tubes between cities.
The company is in talks to raise about $4 billion, WSJ said, adding that the funding round had not yet closed, and terms could still change.
Reuters could not immediately verify the report. The Boring Company could not immediately be reached for comment outside regular business hours.
The Boring Company was valued at $5.7 billion in 2022 after a $675-million fundraising exercise.
In the United States, it runs the Vegas Loop in Las Vegas, Nevada, which began transporting passengers in 2021. On its website, the company says the system has carried more than 3 million passengers through its eight stations.
Last year, the company and Dubai's Road and Transport Authority signed an initial pact to build the Dubai Loop, an underground high-speed transport network spanning 17 km (11 miles).
