Not so boring: Elon Musk’s Boring Company raises $113M for transit tunnels

Boring Company tunnel
A photo shows the Boring Company tunnel beneath Hawthorne, Calif., as of October 2017. (Boring Company Photo)

A newly reported investment round has brought in $ 112.5 million for the Boring Company, the venture that billionaire techie Elon Musk created last year to build transit tunnels.

And most of those millions are said to come from Musk.

Documents filed today with the Securities and Exchange Commission say that 31 unnamed investors contributed to the funding round, but Reuters and Recode quote company officials as saying that Musk himself put in more than 90 percent of the money.

The rest came from early employees of the company, according to those reports. The filing lists two executive officers: Jared Birchall, who’s connected to another Musk-supported startup called Neuralink; and Steve Davis, who has served as director of advanced projects at SpaceX, one of Musk’s best-known companies (along with Tesla).

Boring Company representatives didn’t immediately respond to GeekWire’s emailed request for comment.

The Boring Company seemed like a lark when Musk unveiled it to the world last year. It built on his personal fascination with tunnels and rapid-transit schemes like the Hyperloop concept, and he said it took up only about 2 percent of his time.

A lot has happened since then:

Those sales campaigns appear to be the only revenue generators to date. All the digging projects are being done without significant public funding, which suggests that Musk has already paid out millions to support the company’s employees and equipment purchases.

Last month, Musk shifted the focus of his tunnel vision to prioritize transporting pedestrians and bicyclists rather than cars. “It’s a matter of courtesy and fairness,” he explained in a tweet. “If someone can’t afford a car, they should go first.”

It’s not clear how long it will be before any of the Boring Company’s tunnels are open to the public, on foot, on bikes or in cars. But the $ 112.5 million appears to take the Boring Company out of the humorous-hobby category and put it in the serious-business category.

GeekWire

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