Elon Musk recently claimed that this company will be worth $1 trillion by the end of the decade.

In 2016, Elon Musk, the billionaire behind a growing list of tech and tech-adjacent companies, tweeted his way into a new venture: The Boring Company.

It began as a rant about traffic-related frustrations; after a few minutes, Musk had the idea in hand — “I am going to build a tunnel boring machine and just start digging” — and the name.

The Boring Company broke ground on its first project in February 2017, and has so far completed three projects: the R&D Tunnel, the Hyperloop Test Track and the Las Vegas Convention Center. The company is currently working on a 68-mile Vegas Loop station whose eventual goal is to connect Las Vegas and Los Angeles.

Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Boring Co. Hawthorne test tunnel in Hawthorne, California, U.S., on Tuesday, Dec. 18, 2018. Musk took the wraps off his Boring Co.'s first completed test tunnel on Tuesday, with a lot of razzle-dazzle, the admission he had spent $40 million of his own money on the project and a surprise twist in the underlying technology. Photographer: Robyn Beck/Pool via Bloomberg

Elon Musk, looking to end traffic with The Boring Company, is additionally looking to transform the aviation industry with SpaceX.
Bloomberg/Getty Images

The Boring Company, according to a recent report by The Information, has achieved an implied valuation of $7 billion after a recent sale of shares held by employees and investors. The shares were sold at a price 22% higher than in a funding round held by the company last year.

According to two people familiar with the sale, the shares were priced at $24 each; the company’s $675 million Series C funding round in April of last year priced shares at $19 each. The Boring Company reportedly said that investors could buy up to $20 million in secondary shares as part of the recent sale.

The Boring Company’s big proposition is that it can make tunneling cheap and fast through new technologies; the company’s Prufrock machine can currently mine about one mile per week, drastically speeding up the tunnel-building process. New models of the machine are expected to operate even quicker.

In a September post, an X user speculated that Boring will have mined more than 10,000 miles of tunnel and achieved a $1 trillion valuation by 2030, the beginning of the company’s exponential rise.

In a response to the tweet, Musk said that this bullish expectation could be achieved.

“This is actually possible from a technology standpoint,” he said. “By far the biggest impediment is getting permits. Construction is becoming practically illegal in North America and Europe!”