Tesla CEO Elon Musk’s idea to create subterranean motorways to relieve traffic congestion, The Boring Company, has secured a $675 million Series C financing, raising its valuation to $5.7 billion. Vy Capital and Sequoia Capital led the round, which also included Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The funds will be used to dramatically boost staffing across engineering, operations, and manufacturing in order to build and scale Loop projects, as well as expedite research and development of Prufrock, the business’s next-generation tunneling machine, according to the company.
The Boring Company (TBC) received preliminary approval in October to build a transportation system that would shuttle passengers in Tesla vehicles through a network of tunnels beneath Las Vegas, expanding beyond its current 1.7-mile footprint that connects the LVCC campus to a 29-mile route that would hit all of the city’s best tourist attractions. According to the corporation, the redesigned Vegas loop should be operational this year. TBC has not yet indicated whether it is exploring more Loop projects, despite the announcement hinting at them. This sort of transportation system, which TBC refers to as Hyperloop, may be utilized to inter-city transit with higher boring speed.
That’s where Prufrock, autonomous mining equipment that can mine continually without requiring humans to be present in the trenches, comes in. Prufrock-2, the current version, can mine at a rate of one mile per week, according to TBC. A tunnel the length of the Vegas Strip, nearly four miles, can be built in a month, according to the business. Prufrock-3, the following iteration, is expected to tunnel at a speed of seven miles per day.
“In the short run, if each Prufrock-2 mines one mile per week and TBC builds one new Prufrock machine per month, TBC will be adding 600 miles of capacity per year,” the firm stated in a statement. “As a point of comparison, in the previous 20 years, the United States has built fewer than 20 miles of underground metro tube.” Our $675 million Series C investment round was led by Vy Capital and Sequoia Capital, with Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth joining us.
The Boring Company is now worth $5.675 billion thanks to the funding. We’re also excited to announce that a number of significant real estate partners, including Brookfield, Lennar, Tishman Speyer, and Dacra, have joined the round. Elon Musk launched The Boring Company (TBC) to transform transportation.
