The Boring Company, Elon Musk’s tunneling startup based in the US, is reportedly in talks to raise US$4 billion at a US$20 billion valuation.

That would be up from its last disclosed valuation of US$5.675 billion, when it raised US$675 million in a series C round in April 2022.

The company said its Vegas Loop has transported more than 3.3 million passengers across eight operating stations. It added that Clark County and the City of Las Vegas have approved 68 miles of tunnel and 104 stations.

The fundraising talks come as The Boring Company faces scrutiny in Nevada.

State workplace safety regulators issued and later withdrew three willful citations tied to chemical burns suffered by two firefighters during a 2024 tunnel drill.

Separately, Clark County’s water regulator fined the company nearly US$500,000 over alleged wastewater dumping.

In Nashville, The Boring Company said tunneling is underway, while planning, permitting, and agreements for additional stations continue.

🔗 Source: TechCrunch