Elon Musk’s tunneling startup The Boring Company is in talks to raise a $4 billion funding round at a valuation of $20 billion, [according to The Wall Street Journal](https://www.wsj.com/business/elon-musks-boring-company-eyes-20-billion-valuation-in-new-funding-round-9b0b79ef). The deal hasn’t closed and the terms could change, the WSJ says. At $20 billion, the valuation would be a significant increase from [The Boring Company’s $5.7 billion valuation in 2022](https://techcrunch.com/2022/04/20/elon-musks-boring-company-raises-675m-to-scale-loop-projects/). The startup already has a transportation system running in Las Vegas, combining tunnels and surface routes, with Teslas shuttling customers to different stations. But tunnel workers have [suffered serious injuries](https://techcrunch.com/2025/11/13/firefighters-received-chemical-burns-at-elon-musks-boring-company-construction-site/), and Nevada regulators said last year that The Boring Company [violated environmental regulations nearly 800 times](https://techcrunch.com/2025/10/10/musks-boring-co-violated-environmental-regulations-nearly-800-times-nevada-alleges/). The Boring Company has announced plans to build tunnel networks [under Nashville](https://techcrunch.com/2025/07/29/elon-musks-boring-company-to-build-tesla-tunnels-under-nashville/) and Dubai. The WSJ says the startup has also pitched projects in Baltimore, Chicago, and Los Angeles. The startup spun out of SpaceX in 2018. SpaceX recently had [the largest IPO ever](https://techcrunch.com/2026/06/11/spacex-officially-prices-shares-at-135-in-the-largest-ipo-ever/), but [its stock price has taken a significant dip](https://techcrunch.com/2026/07/15/spacex-falls-to-135-ipo-price-ahead-of-starship-launch/) since then.