It looks like Elon Musk’s Boring Company is going to do more than sell hats and flamethrowers in order to finance its hyperloop and tunnel projects.
The company confirmed today that they are raising $112.5 million from a group of investors.
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The company is currently working on 3 different massive infrastructure projects.
There’s the planned Los Angeles tunnel network, which is already partly underway.
Musk’s latest startup is also working on a hyperloop project on the east coast and a ‘loop’, a mass transit system, in Chicago.
During presentations with public officials, the company made it clear that they plan to finance those projects themselves.
At first, Musk half-jokingly talked about financing the projects through selling hats and flamethrowers, but now it looks like private investors are behind the effort.
The company filed a for an exemption for issuing securities with the SEC for a $112,520,000 capital raised.
A Boring Company representative confirmed to Electrek that Musk’s investment represents over 90% of the round and the other investors are “early employees. No venture capitalist or investment firm were involved.
Here’s the filing:
More recently, Musk also talked about another project to help finance the company, LEGO-like blocks made of the rocks pulled from the tunnels that could be used to build houses and other structures.