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.
Other investors include Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth.
The bottom line: Boring Co.'s in-tunnel tests so far have only managed to hit around 50 mph. But, as Tesla and SpaceX both showed, Musk has a habit of eventually hitting his moonshots.