The Boring Company was founded in December 2016 by Tesla and SpaceX CEO Elon Musk. The company has not officially endorsed a plan to participate in an IPO. The Boring Company is attempting to increase the speed and drop the price of tunneling by a factor of ten to help decrease traffic and alleviate congestion in cities. Though a test tunnel has been completed in California, the company has not yet completed any tunnels for public or commercial use.
The company has raised approximately $233 million from Venture Capital and internal investors including Elon Musk, 8VC, Craft Ventures, DFJ Growth, Dreamers VC, Future Ventures, Gigafund, Valor Capital Group, and Vy Capital. Per reports from Bloomberg, the company last raised $120 million in July 2019 at a valuation of $920 million.