Elon Musk's tunneling company valued at $5.7 billion

Boring Company, the urban tunneling transportation company founded by Elon Musk, raised $675 million in Series C funding at a $5.68 billion valuation co-led by Sequoia Capital and Vy Capital.

Why it matters: Urban transportation tunnels aren't new, for either cars or trains, but Boring has claimed its shuttles eventually will travel at a breakneck 150 miles per hour. In Las Vegas, which recently approved a 29-mile tunnel network, that could mean more than 55,000 passengers per hour and a significant reduction to Strip traffic.