The Boring Company, Elon Musk's tunnel-making company receives $650 million in funding The capital will allow him to move forward with the construction of a network of tunnels under the city of Las Vegas.

By Entrepreneur Staff

entrepreneur daily

This article was translated from our Spanish edition.

Bloomberg | Getty Images

The Boring Company is one of Elon Musk 's companies and contrary to its name, it is anything but boring. Since its foundation in 2016, the company has been working on the development of a tunnel system that helps solve the severe traffic problems of large cities and that allows the agile transportation of passengers and goods from one place to another. To achieve its goal, the company has managed to raise $675 million in a series C financing round .

The company's goal is to forever eradicate traffic through the Loop , a transportation system that will move passengers at high speeds underground. Initially, Musk's company claimed that the system could reach speeds of up to 200 km/h, although in the tests it has carried out it has only managed to reach 80 km/h.

According to the company's official website , to solve current traffic problems "roads must be in 3D, which means that flying cars or tunnels are needed. Unlike flying cars, tunnels are weatherproof, out of sight, and won't fall on your head. The tunnels minimize the use of valuable surface land and do not conflict with existing transportation systems. A large network of tunnels can relieve congestion in any city; no matter how big it grows, more levels of tunnels can always be added."

In October 2021, The Boring Company received approval to build a first tunnel network of 46 kilometers under the city of Las Vegas with various stations, including some on the casino strip.

Following the capital investment, The Boring Company is valued at $5.6 billion .

What are Loop and Prufrock?

The vehicle that will move through the tunnels is called Loop and is 100% electric, very similar to a Tesla. Unlike the subway, where a convoy stops at each of the stations, this vehicle will make no stops and will take passengers directly to their final destination. According to the company, the Las Vegas project could transport 57,000 passengers per hour (with 57 stations distributed throughout the tunnel network).

Prufrock is the machinery created by The Boring Company to dig tunnels at a rate of 1.6 kilometers per week. This technology would allow the company to build a network of tunnels in a matter of weeks, unlike traditional subway excavations that can take several years to complete.
Entrepreneur Staff

Entrepreneur Staff

Editor

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Franchise

How to Work Less But Bring in More Money — The Value of Blitzscaling Your Business

Contrary to what many might believe, opening multiple units of a franchise business does not result in exponentially more work. By compounding and Blitzscaling, franchise owners actually work less as they open more locations.

Growing a Business

6 Time-Saving Features on Hiring Platforms

Hiring managers and recruiters are constantly seeking ways to streamline their processes and save valuable time. Fortunately, modern hiring platforms come equipped with a range of innovative features designed to simplify the recruitment journey.

Starting a Business

5 Vital Influencer Marketing Metrics You Should Know

By tracking these five metrics, you can identify influencers delivering positive ROI and continually refine your approach for improved results.

Thought Leaders

8 Reasons Why We Need Entrepreneurs Now More Than Ever

Entrepreneurship is the driving force behind the global economy's growth. Now more than ever, we need new entrepreneurs to spur innovation.

Thought Leaders

This 'Branding Whisperer' Wants to Reignite the X Games to Its Past Glory

Entrepreneur Shaun Neff was just tapped to help supersize the iconic sporting event. 'It has lost relevance and its connection to culture,' he says.

Guide

Why AI-Forward Communication is the Future of Public Relations

Embracing AIFC is not merely an option for PR professionals — it is imperative for those seeking to lead in an increasingly complex and dynamic media landscape.