In December 2016, Elon Musk was stuck in LA traffic. Frustrated, he tweeted "Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging..." Most thought it was a joke, but Elon wasn't kidding: Two weeks later, The Boring Company was born. Its mission was to build a network of underground tunnels to solve traffic congestion. Wall Street analysts laughed. "It's a distraction," they said. "A publicity stunt." But Musk saw something they didn't.
In 2017, The Boring Company raised $112.5 million. $100 million came from Musk himself. The rest? From selling 20,000 flamethrowers at $500 each. Yes, flamethrowers. Wall Street thought Musk had lost his mind. But he was just getting started.
By 2018, The Boring Company had completed its first test tunnel in Hawthorne, California. Its cost was $10 million per mile. Traditional tunnels? $1 billion per mile. Musk cut costs by 99% by shrinking tunnel diameter and developing continuous tunneling technology
In 2019, The Boring Company won its first major contract: A $48.7 million project to build a transportation system under the Las Vegas Convention Center.
Completed in 2021, it proved The Boring Company wasn't just talk. It could deliver a real, working project 2021 was a turning point. The Boring Company raised $675 million at a $5.7 billion valuation. Suddenly, Wall Street was paying attention. The "publicity stunt" was becoming a serious infrastructure player. But the biggest surprise was yet to come.
In 2023, The Boring Company's valuation skyrocketed to $127 billion. How? By pivoting to utility tunnels. These tunnels house water pipes, electrical cables, and internet fiber - critical infrastructure for rapidly growing cities. The market potential? Trillions. Today, The Boring Company has projects in Las Vegas, Texas, and Florida. It's in talks with cities worldwide.
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