Frustrated, he impulsively tweeted about a radical idea: "Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging..." While many took it as a joke, Musk was dead serious. Only two weeks later, he founded The Boring Company with an ambitious mission—to construct a network of underground tunnels to tackle urban congestion. Critics scoffed, calling it a “distraction” and a “publicity stunt.” Yet Musk saw potential they couldn’t grasp.
A year later, in 2017, The Boring Company raised a significant $112.5 million. Musk personally contributed $100 million, while the remaining funds came from an unusual source: he sold 20,000 flamethrowers at $500 each, fueling both funds and intrigue. Wall Street was baffled. Yet, Musk’s vision was already in motion. By 2018, the company had completed its initial test tunnel in Hawthorne, California, achieving an astounding cost reduction—$10 million per mile, compared to the conventional $1 billion per mile. Musk’s innovative strategies, like reducing tunnel diameter and advancing continuous tunneling methods, had slashed costs by nearly 99%.
The company gained momentum in 2019 when it secured a $48.7 million contract to build a transit system beneath the Las Vegas Convention Center. This project, completed in 2021, proved The Boring Company could execute beyond theory. That year marked a turning point, with The Boring Company’s valuation soaring to $5.7 billion after raising $675 million. Once dismissed as a sideshow, the company was now viewed as a legitimate infrastructure innovator. And then, in 2023, it made a major pivot—expanding from transport tunnels to utility infrastructure, including housing water pipes, power lines, and fiber optics. This strategic shift catapulted the company’s valuation to $127 billion, opening doors to the multi-trillion-dollar utility market.
Today, The Boring Company has operational projects in Las Vegas, Texas, and Florida, with ongoing talks to expand globally. Keep following for future updates and insights—there’s much more to come. Always remember, do your own research (DYOR) before any investment decisions.
