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

Credit: ROBYN BECK/AFP via Getty Images

The Boring Company has raised a new round of funding worth $675 million.

The company reiterated its goals and achievements in a post announcing the news.

The company said that Prufrock is capable of operating completely remotely and autonomously via computerized systems and requires zero people in the tunnel to operate.

The Boring Company has built just two operational 0.8-mile tunnels underneath the Las Vegas Convention Center, as well as a 1.1-mile test tunnel in Hawthorne, California. Although many projects have run aground, the company has been pitching its services far and wide, and last year authorities in Las Vegas approved the construction of a 29-mile tunnel system containing 51 stations.

Image: The Boring Company

The Boring Company describes its tunnels as a public transportation system that resembles an underground highway. They are limited to electric vehicles that are driven by human employees at around 50mph and carrying passengers.

The company's Las Vegas tunnels have been open for a few years now, and first-hand impressions have been mixed. Cars can pass through the company's tunnels at a slower pace when everything goes to plan. They also create their own traffic jams when they are busy.

The investors don't care if Musk follows through on his hyperbole or not, only that the companies they run attract enough customers and revenue to pay back their investments. Musk has proved time and time again that he is very good at pushing up share prices. The Boring Company has a lot of tunnels left to dig.