The Boring Company has raised a brand new spherical of funding price $675 million, with Elon Musk’s grand plan to “solve traffic” with tunnels now valued at $5.675 billion.
In a blog post announcing the news, the firm reiterated its targets and achievements to this point, drawing explicit consideration to its “next generation” of Prufrock tunnel-boring machines (TBMs).
“Unlike traditional TBMs which require upwards of a dozen or more people to operate, Prufrock is designed to be capable of operating completely remotely and autonomously via computerized systems and requires zero people in the tunnel to operate,” mentioned the firm. “The current iteration of Prufrock, called Prufrock-2, is designed to mine at up to 1 mile/week, meaning a tunnel the length of the Las Vegas strip (approximately 4 miles) can be completed in a month.”
So far, The Boring Company has constructed simply two operational 0.8-mile tunnels beneath the Las Vegas Convention Center, as properly as 1.1-mile take a look at tunnel in Hawthorne, California. The firm has been pitching its providers far and huge, and though many projects have run aground, authorities in Las Vegas final yr accepted the development of a 29-mile tunnel system containing 51 stations.
The Boring Company describes its tunnels as a “public transportation system that resembles an underground highway” however — extra succinctly and precisely — as “Teslas in tunnels.” Originally, Musk mentioned the firm’s tunnels would use autonomous sleds to carry cars and specially-designed pods at speeds of up 150mph to move pedestrians and cyclists. So far, they’re presently restricted to electrical autos (Teslas) pushed by human workers at round 50mph and carrying ticketed passengers.
The firm’s Las Vegas tunnels have been open for a couple of years now, and first-hand impressions have been mixed to say the least. When the whole lot goes to plan, the firm’s tunnels let vehicles move by them at sedate speeds. But after they’re busy in addition they create their very own traffic jams — the very downside they’re supposed to unravel.
Investors, although, don’t essentially care whether or not or not founders like Musk finally comply with by on their hyperbole, solely that the corporations they run appeal to sufficient prospects and income to pay again their very own investments. And Musk has proved, time and time once more, that’s he’s excellent at pushing up share costs and valuations. For the meantime, meaning The Boring Company has numerous tunnels left to dig.