Elon Musk’s Navigation Company is valued at $5.7 billion

Elon MuskThe Boring Company would like to build a network of underground tunnels to move people and goods around cities. You just raised $675 million to move towards that goal.

Boring Company Said late Wednesday It raised the new money in a Series C funding round that values ​​the company at $5.675 billion.

The Boring Company says its ultimate goal is to eliminate “soul destroying traffic” with its extensive networks of tunnels. The company plans to spend the latest cash on the Loop, a system that transports passengers through high-speed tunnels.

The startup previously claimed that the technology could one day carry passengers at speeds of up to 150 miles per hour. I’ve struggled so far to reach those speeds, Reach a maximum of 50 mph only On test tours with reporters in a Tesla Model X electric car.

The Boring Company says it recently won approval to build a 29-mile network of tunnels connecting 51 stations in Las Vegas. The company calls it “the largest underground transportation project” and says it will eventually be able to carry 57,000 passengers per hour.

It’s a far cry from the concept of a “hyperloop”, first envisioned by Musk, which would see the pods traveling through a series of underground tubes at even higher speeds — up to 760 miles per hour, according to One company working on technology development. Many companies hope to make the technology a reality.

For now, Hyperloop says it is focusing on developing its Project Loop and Prufrock, Boring’s line of machinery designed to drill massive tunnel infrastructure projects in a matter of weeks.

The Boring Company says it will “significantly increase staffing across engineering, operations and production” to build the Vegas Loop, and for research and development purposes.

As if Musk didn’t have enough already, the tech billionaire is also suggesting a deal to buy Twitter And take the company private.

The CEO of Tesla and SpaceX has Offered for social media platform For 43 billion dollars, but there Doubts about whether he can secure the required funding To make such a great bid. Twitter’s board of directors has approved the so-called “poison pillA strategy designed to fend off a potential hostile takeover.

Tesla mentioned that 81% jump in first-quarter revenue Wednesday, beating analyst expectations and sending the company’s shares up more than 7% in after-hours trading.