Elon Musk's Boring Company raises $113 million to dig tunnels for fast transit

  • The Boring Company has raised $113 million in new venture funding, according to SEC filings revealed by Axios.
  • An Elon Musk-founded start-up (alongside SpaceX and Neuralink), The Boring Company plans to dig tunnels for high-speed mass transit and cargo movement.
  • The Boring Company is currently aiming to develop four regional projects, including East and West Coast plans, a loop connecting D.C. and Baltimore, and a loop between downtown Chicago and the O'Hare airport.

Elon Musk's Boring Company has raised $113 million in new venture funding, according to SEC filings discovered by Axios.

Founded in 2012, The Boring Company digs tunnels for mass transit and cargo transport. It is currently seeking to develop four regional projects including plans for the East and West Coast, a loop connecting D.C. and Baltimore, and a loop between downtown Chicago and the O'Hare airport.

How Elon Musk launched The Boring Company to revolutionize tunnel digging

Musk's vision is to move people or cargo on "electric skates" at between 125 and 150 miles per hour, a technology he calls "Loop." The tunnels could also someday be used for "hyperloop" transportation, a much faster vacuum-powered technology that could move "pods" at up to 600 miles per hour. Several companies, including Virgin Hyperloop One, are working on developing hyperloop technology, which was first proposed by Musk in 2012.

While the SEC filing did not reveal which investors participated in the new round of funding, SpaceX engineer Steve Davis is listed as a director, and Neuralink President Jared Birchall is also listed as an executive.

The Boring Company famously sold $10 million worth of "flamethrowers," which appear to be modified roofing torches, to fans and followers of the company and Elon Musk earlier this year.

Musk is also a founder of space exploration company SpaceX and brain-computer interface start-up Neuralink, and the CEO of electric car pioneer Tesla.