Boring Company in talks to raise $4 billion at $20 billion valuation, WSJ says

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, TechCrunch reported. The deal has not closed and the terms could change, the Journal said. At $20 billion, the valuation would be a significant increase from The Boring Company's $5.7 billion valuation in 2022. The startup has already built a network of tunnels under Las Vegas, through which Teslas shuttle customers to different stations. Tunnel workers have suffered serious injuries, and Nevada regulators said last year that The Boring Company violated environmental regulations nearly 800 times. The Boring Company has announced plans to build tunnel networks under Nashville and Dubai. The Journal said the startup has also pitched projects in Baltimore, Chicago, and Los Angeles. The company spun out of SpaceX in 2018.