Elon Musk’s tunneling venture, the Boring Company, is in talks to raise roughly $4 billion in a private stock offering at a valuation of approximately $20 billion.
That figure represents a nearly fourfold increase from the company’s 2022 valuation of $5.7 billion, signaling strong private investor appetite for Musk’s infrastructure ambitions.
The Boring Company bores large tunnels through the earth, converting them into hyperloops where Tesla (TSLA) vehicles can travel rapidly between major destinations without traffic.
Its Las Vegas Loop has already carried more than 4 million passengers across 11 stations, with an expansion to Harry Reid International Airport now in the pipeline.
According to the company, that airport expansion could push annual ridership from around 1 million to between 5 million and 10 million passengers.
Projects are also planned beyond Nevada, with developments on the drawing board for Nashville, Tennessee, and Dubai in the United Arab Emirates.
The Las Vegas operation has not been without controversy, as Nevada environmental regulators sent the company a cease-and-desist letter in September 2025 alleging roughly 100 violations and 689 missed inspections.
The company disputes that letter, but the regulatory friction underscores real operational challenges still facing the venture.
Elsewhere in Musk’s private empire, Neuralink has made measurable progress on its brain-computer interface technology, with the chip now implanted in 21 patients as of January, up from 12 the previous September.
The company is targeting $1 billion in annual revenue by 2031, though commercial deployment remains dependent on regulatory approval from the U.S. Food and Drug Administration.
In May, Musk personally acquired APR Energy, a Florida-based company that rents trailer-mounted turbines and generators, with a minority investor’s disclosure implying a purchase price above $1 billion.
APR Energy operates in more than 35 countries and can deploy its equipment within one to two months, making it attractive to data centers waiting years for grid connections.
SpaceX’s AI division, for instance, has relied heavily on gas turbines at its Memphis Colossus data center, illustrating the kind of demand APR Energy is positioned to serve.
None of these ventures are publicly traded, meaning retail investors cannot directly buy into the Boring Company, Neuralink, or APR Energy at this stage.
For investors holding Tesla (TSLA) or SpaceX shares, understanding this broader ecosystem matters, as one or more of these companies could eventually be acquired by a larger Musk entity.
