Elon Musk's tunnel-boring startup The Boring Company is in talks to raise $4 billion in funding at a valuation of $20 billion, according to the Wall Street Journal.
According to WSJ, the deal has not yet been finalized and terms are subject to change. The $20 billion valuation would be a significant increase from The Boring Company's 2022 valuation of $5.7 billion.
The company has already built a network of tunnels beneath Las Vegas through which Tesla shuttles customers to and from various train stations. But tunnel workers were seriously injured, and Nevada regulators said last year that The Boring Company had violated environmental regulations nearly 800 times.
The Boring Company has announced plans to build a network of tunnels under Nashville and Dubai. The startup is also pitching projects in Baltimore, Chicago and Los Angeles, according to WSJ.
The startup was spun out of SpaceX in 2018. SpaceX recently had the largest IPO in history, but its stock price has fallen significantly since then.