The Boring Company engages in constructing underground transportation networks.
The Boring Company (TBC) is an American infrastructure and tunnel construction services company founded by Elon Musk. Its ongoing and proposed projects are designed for intra-city (“loop”) transit systems.
TBC has completed two tunnels in Las Vegas for loop travel. It has also completed one tunnel for testing loop travel in Los Angeles County. Other tunnels are in various stages of discussion and planning.
Musk cited difficulty with Los Angeles traffic and what he sees as limitations of its two-dimensional transportation network as his early inspiration for the project. The Boring Company was formed as a subsidiary of SpaceX, becoming a separate and fully independent company in 2018. As of December 2018, 90% of the equity was owned by Musk, with 6% held by SpaceX in return for the use of SpaceX resources during the startup of the company. Outside investments during 2019 have changed the equity split.
The acquired funds from the Series C round are billed to be used to scale up the company’s Loop project as it fosters the development of safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.
