Elon Musk’s tunneling venture, The Boring Company, is in talks to raise roughly $4 billion through a private stock offering at a valuation of approximately $20 billion, according to The Wall Street Journal. The last time The Boring Company was formally valued, back in 2022, the figure stood at $5.7 billion, making the new target nearly a fourfold increase in just four years. Private investors considering the deal are effectively betting on that vision becoming a commercial reality at a scale that justifies the $20 billion price tag. Because The Boring Company remains privately held, retail investors cannot purchase shares directly, meaning the raise will be limited to institutional and accredited private market participants. The fundraise is nonetheless relevant to public market investors, particularly those holding positions in Tesla (NASDAQ: TSLA) or SpaceX, given how closely Musk’s various ventures are interconnected.