The Series C funding round valued The Boring Company at $5.675 billion.

The Boring Company (TBC), founded by Elon Musk to revolutionize traffic by taking it underground through a network of tunnels, has raised a $675 million Series C round at a valuation of $5.675 billion. The massive round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. Also chipping in were real estate stalwarts including Brookfield, Lennar, Tishman Speyer, and Dacra. (The Boring Company)

The objectives of the company are to solve traffic, beautify cities, and enable rapid point-to-point transportation.

On October 20, 2021, the Clark County Commissioners unanimously approved Vegas Loop, a 29-mile tunnel network connecting 51 stations. Vegas Loop is the largest subsurface transportation project in the United States. Vegas Loop will enable safe, low-cost, and high-speed transportation throughout Las Vegas, targeting a throughput of up to 57,000 passengers per hour. For end-users, this means a trip from Harry Reid International Airport to any major destination on the Las Vegas strip in 5 minutes or less with zero stops.

Loop public transportation systems will depend for tunneling on the TBC’s Prufrock, a next-generation tunnel boring machine designed to construct mega-infrastructure projects in a matter of weeks instead of years, and at a fraction of the cost.

TBC will use the money to expand its hiring, build and scale Loop projects including Vegas Loop, and for R&D on Prufrock and other products.

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