Elon Musk Just Poured More Than $100 Million Into The Boring Company

The Boring Company has raised $112.5 million in a recent round of funding, according to an SEC filing the company submitted on Monday.

By Mark Matousek

via BI
The Boring Company hopes to build underground tunnel networks that could house new, high-speed transport systems like Loop and Hyperloop.

This story originally appeared on Business Insider

The Boring Company, Elon Musk's tunnel-digging company, has raised $112.5 million in a recent round of funding, according to an SEC filing the company submitted on Monday.

According to The Boring Company, no outside investors were involved in the funding round. The company said 90 percent of the funds raised came from Musk, while the rest came from early employees.

While Musk's name is not listed on the filing, it does include Steve Davis, a senior SpaceX engineer whom Musk chose to lead The Boring Company, and Jared Birchall, the president of Musk's artificial-intelligence company Neuralink.

Musk founded the Boring Company in 2016. He hopes to use the company to create underground tunnel networks that could house new, high-speed transportation systems like Hyperloop, which could carry passengers in pods at speeds of over 600 mph, and Loop, which resembles Hyperloop but would be used for shorter distances that require slower speeds.

In March, Musk said the company's tunnels would prioritize pedestrians and cyclists over cars. He added that the company's tunnel networks would also transport cars, "but only after all personalized mass transit needs are met."

"It's a matter of courtesy & fairness," he wrote on Twitter. "If someone can't afford a car, they should go first."

While Musk has faced resistance from city governments and public transit experts, he has received permission to build test tunnels in California and Baltimore, and The Boring Company is one of two finalists to build a new transit system between Chicago's downtown area and O'Hare International Airport.

In the past year, Musk has used unconventional methods to raise money for The Boring Company, including hats bearing the company's name and $500 branded flamethrowers. In March, Musk said the company would sell interlocking, Lego-style bricks made from rock and soil displaced by the company's tunnel-digging machines.

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Real Estate

4 Essentials for Selecting the Perfect Business Real Estate

Marketing for retail, restaurant or other site-critical companies should always begin with meticulously chosen sites: Time-tested ways of picking a winner.

Franchise

Everything To Know About Financing Your Franchise

This is it. You're ready to start your franchise journey. Only one thing is left: Finding the money you need.

Starting a Business

90% of Online Businesses Fail in Just 4 Months. You Can Avoid the Same Fate By Using These Strategies.

It's not catastrophizing when we think about potential failure; it's in fact a chance for any business to precisely see any outcome and prepare in advance.

Living

Why Embracing Your Unique Strengths and Talents Will Lead to Success

By identifying and developing one's strengths, aligning with passions, cultivating a growth mindset and positively impacting the world, individuals can unlock their full potential and create a life of abundance, passion and fulfillment.