WSJ: Boring Co. in talks to raise about $4B at a roughly $20B valuation; deal not closed
- Raised
- $4.0B
- Valuation
- $20B
- Place in VP50
- #48
- Sources
- 2
What happened
The Wall Street Journal reported on Friday, July 24, 2026, that The Boring Company was in talks to raise $4 billion in new funding at a valuation of $20 billion, citing people familiar with the talks. The Economic Times, carrying a Reuters report, and TechCrunch relayed the story on July 25. The WSJ said the funding round had not yet closed and that terms could still change. Reuters said it could not immediately verify the report, and the company could not be reached for comment outside regular business hours. TechCrunch named no investors.
Both articles cited the company's $5.7 billion valuation in 2022; the Economic Times added that it followed a $675 million fundraising. TechCrunch described the company as having spun out of SpaceX in 2018 and as running a transportation system in Las Vegas that combines tunnels and surface routes, with Teslas shuttling customers to different stations. It said the company has announced tunnel networks under Nashville and Dubai and, according to the WSJ, has pitched projects in Baltimore, Chicago and Los Angeles. TechCrunch also noted that Nevada regulators said last year the company violated environmental regulations nearly 800 times.
Key points
- The WSJ reported on July 24, 2026 that Boring Co. was in talks to raise $4 billion at a $20 billion valuation.12
- The WSJ said the round had not closed and terms could still change; Reuters could not immediately verify it.12
- The company was valued at $5.7 billion in 2022; the Economic Times said that followed a $675 million raise.12
- TechCrunch said the company runs a Las Vegas system and has announced tunnel networks under Nashville and Dubai.2
Why it matters
The reported $20 billion compares with the $5.7 billion mark from 2022. It is a figure from talks, so it gives holders a possible reference rather than a priced round.
The WSJ said the round had not closed and terms could change, and Reuters could not verify the report. The amount and valuation may differ from what finally closes.
TechCrunch describes a Las Vegas system, announced networks under Nashville and Dubai, and pitched projects in three more cities. Nevada regulators also cited violations, a regulatory exposure beside the growth.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Jul 25, 2019 | $920M | $120M | Unknown |
| Series C | Apr 20, 2022 | $5.7B | $675M | Sequoia Capital and Vy Capital |
| Series D | Sep 9, 2026 | $23B | $3.0B | the United Arab Emirates and affiliated investment entities |
Updated
Fact-check
- The WSJ reported that Boring Co. was in talks to raise $4 billion at a $20 billion valuation, and the deal had not closed.Confirmed by [2] TechCrunch, published July 25, 2026: it says, according to the WSJ, the company is in talks to raise a $4 billion round at a $20 billion valuation and that the deal hasn't closed and terms could change.Verified
- The WSJ report was published on Friday, July 24, 2026, citing people familiar with the talks.TechCrunch gives no WSJ date; [1] The Economic Times was blocked for the checker, so the date and attribution rest on the writer's read of it and the research record (24-25 July).Partly verified
- The company was valued at $5.7 billion in 2022.Confirmed by [2] TechCrunch: it cites The Boring Company's $5.7 billion valuation in 2022.Verified
- The 2022 valuation followed a $675 million fundraising.TechCrunch's text does not state the amount; [1] The Economic Times was blocked for the checker, so it rests on the writer's read and the research record ($675M Series C).Partly verified
- Nevada regulators said last year the company violated environmental regulations nearly 800 times.Confirmed by [2] TechCrunch: it says Nevada regulators said last year the company violated environmental regulations nearly 800 times.Verified
- Reuters could not immediately verify the WSJ report.[1] The Economic Times (Reuters) was blocked for the checker; rests on the writer's read of the article.Partly verified
Sources
- [1]The Economic Times (Reuters) (opens in a new tab)Elon Musk's Boring Company seeks funding at $20 billion valuation: WSJthe funding round had not yet closed, and terms could still change
- [2]TechCrunch (opens in a new tab)Elon Musk's Boring Company reportedly raising funding at a $20B valuationThe deal hasn't closed and the terms could change.
