Elon Musk runs two trillion-dollar companies. He runs some billion-dollar ones too, and one of those less valuable firms is raising money.
The Wall Street Journal reported on Friday evening that The Boring Company -- which literally bores tunnels for fast, underground, point-to-point transport -- is raising $4 billion. That would value the company at about $20 billion, up from about $6 billion a few years ago.
The Boring Company didn't immediately respond to a request for comment.
Musk founded the firm in late 2016. Its most prominent project is the roughly two-mile Vegas Loop, which is up and running. It's working on tunnels in Nashville and Dubai.
A mere $20 billion isn't all that impressive for Musk, who has seen his wealth decline by more than $600 billion over the past couple of weeks as valuations for his trillion-dollar firms, SpaceX and Tesla, have come down.
Still, $20 billion is impressive for an industrial infrastructure company. CRH, which builds roads and other infrastructure, is worth about $67 billion. It generated 2025 sales of about $37 billion.
Revenue for The Boring Company is likely less than $100 million annually. It costs about $10 million to $15 million to drill a tunnel, according to the company, which is much cheaper than what traditional subway systems cost.
At $20 billion, The Boring Company is also worth more than shipbuilder Huntington-Ingalls Industries and defense systems manufacturer Textron, and worth roughly as much as water infrastructure company Veralto.
Overall, the Boring Company is worth more than about 100 S&P 500 companies -- depending on daily trading.
It's a surprising number given the low sales, but The Boring Company is supposed to grow faster than those established industrial companies. And none of those companies, of course, have Musk.
Along with Tesla, SpaceX, and The Boring Company, Musk also oversees Neuralink, a medical implant company valued at about $10 billion.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
July 27, 2026 10:37 ET (14:37 GMT)
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