Boring Company raises additional $675 million as investors chuck money into holes in the ground

The Boring Company’s plan to revolutionize transport is best summarized as “Teslas in tunnels.” | Credit: ROBYN BECK/AFP via Getty Images

The Boring Company has raised a new round of funding worth $675 million, with Elon Musk’s grand plan to “solve traffic” with tunnels now valued at $5.675 billion.

In a blog post announcing the news, the company reiterated its goals and achievements so far, drawing particular attention to its “next generation” of Prufrock tunnel-boring machines (TBMs).

“Unlike traditional TBMs which require upwards of a dozen or more people to operate, Prufrock is designed to be capable of operating completely remotely and autonomously via computerized systems and requires zero people in the tunnel to operate,” said the company. “The current iteration of Prufrock, called Prufrock-2, is designed to mine at up to 1 mile/week, meaning a tunnel the length of…

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Author: James Vincent