Elon Musk’s Boring Company raises $112.5 million for hyperloop and high-speed tunnel projects

Elon Musk is making good on its promise to bring about his industrial experiment to build high-speed underground transportation systems in dense urban regions. Boring Company confirmed today that it has raised $112.5 million from a group of investors to get operations under way. Ninety percent of the funds, more than $100 million comes from Elon Musk, with the rest of the funding came from early employees. There were no outside investors.

According to the SEC filing, the company sold equity worth $112.52 million on April 6. Elon Musk himself is not listed in the filing and none of the 31 participating investors are disclosed. Instead, Jared Birchall is listed as a director, president and CEO of Neuralink, a startup Musk co-founded. SpaceX Director Steve Davis, is also listed as people “related” to the company.

Boringcompany was founded in 2016, after Elon Musk mentioned the idea of making tunnels on his Twitter account. “Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…,” Musk said in a tweet. Musk later revealed the concept for the tunnel system in 2017. In March 2018, Elon Musk announced that the company would readjust its plan to prioritize pedestrians and cyclists over cars, which would only be considered for transport after all “personalized mass transit needs” were met.

Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…

— Elon Musk (@elonmusk) December 17, 2016

It shall be called "The Boring Company"

— Elon Musk (@elonmusk) December 17, 2016

Below is a video of Boring Company high-speed tunnel works.

https://www.youtube.com/watch?v=u5V_VzRrSBI