Business · Singapore Bureau
Boring Company reaches $29 billion valuation in latest funding round
Elon Musk's tunnel-boring venture has secured fresh capital with backing from Temasek and other investors. The funding round values the infrastructure startup at $29 billion.
LSN Singapore ·
The Boring Company, the infrastructure firm founded by billionaire entrepreneur Elon Musk, has completed a new capital raising that values the company at $29 billion, according to sources familiar with the matter. The funding round included participation from Singapore's sovereign wealth fund Temasek alongside other institutional investors.
The tunnel-boring startup, which focuses on constructing underground transportation networks and infrastructure, has been expanding its operations globally. The latest valuation represents a significant milestone for the company, which has grown from an initial concept to a developer of practical tunneling solutions.
Temasek's involvement in the funding round underscores growing interest from major Asia-Pacific investors in Musk's infrastructure ventures. The Singapore-based fund has historically backed technology and infrastructure projects with potential for regional impact.
The capital injection is expected to accelerate the Boring Company's expansion plans and development of its tunneling technology. The firm has previously undertaken projects in the United States and has explored opportunities in other markets as it scales its operations.