Elon Musk's transportation tunneling startup raises $120 million

The Boring Company, Elon Musk's transportation tunneling startup, raised $120 million toward a venture valued at $920 million.

Why it matters: This is Boring's first outside investment round, having previously raised $113 million from Musk and early employees (plus that $10 million from flamethrower sales).

• Investors reportedly include 8VC, Vy Capital, Craft Ventures, Valor Capital and Steve Jurvetson's Future Ventures.

Bottom line: "In May, Boring won its first commercial transportation contract, a $48.7 million mile-long project to shuttle visitors around the Las Vegas Convention Center. The project will provide an important test of whether it can really dig more cheaply than competitors and navigate the government bureaucracy involved in municipal projects," says Bloomberg.