Elon Musk’s Boring Company snags $120 million in new funding

Elon Musk’s tunneling and transportation startup The Boring Company has raised its first outside investment through the sale of $120 million in stock, according to a securities filing.

The details of authorized sale of stock were first reported by Bloomberg News, which reviewed the filing obtained by Prime Unicorn Index.

The main investors in the stock sale were 8VC, Vy Capital, Craft Ventures and Valor Capital, and DFJ, according to a Boring Company spokesperson.

Steve Jurvetson, a longtime friend, adviser and early backer of Musk’s other companies SpaceX and Tesla, also made an investment through his new fund.

The investment comes just a two months since the The Boring Company landed a $48.7 million commercial contract to build and operate an underground “people mover” in Las Vegas. After receiving approval from the Las Vegas Convention and Visitors Authority, TBC secured the contract in May to build an underground loop system that shuttles people.

The initial design for the project, dubbed Campus Wide People Mover, or CWPM, will focus on the Las Vegas Convention Center, which is currently in the midst of an expansion that is expected to be completed in time for CES 2021. The newly expanded Las Vegas Convention Center will span about 200 acres once completed. The Las Vegas Convention and Visitors Authority (LVCVA)estimates that people walking the facility would travel two miles from one end to the other, a distance that prompted officials to find a transportation solution.

Since landing the contract in Las Vegas, TBC has ramped up its hiring as it starts to scale up and move beyond the status of Musk pet project. (TBC hasn’t publicized how many people it employs; estimates from various sources put it at more than 80 people, although there’s evidence of overlap between SpaceX and TBC.)

TBC previously raised nearly $113 million last year.

Update: The original article did not include the primary investors in the stock sale.