Elon Musk’s The Boring Company is in the news again but this time its not for the company’s crazy merchandise.
This time we bring you news that The Boring Company has earned its first outside investment.
The firm authorised the sale of $120 million in stock adding to the $133 million the firm raised for investment last year.
The main investors which purchased stock include 8VC, Vy Capital, Craft Ventures, Valor Capital and DFJ.
In addition to those investors, venture capitalist and board member for Tesla and SpaceX, Steve Jurvetson, also purchased stock.
“We are delighted to be an investor in Boring,” Jurvetson told Bloomberg. “Boring is a great example of the disruptive playbook we look for.”
With this investment in play, the value of The Boring Company now sits at $920 million.
The real test for the company will come when it breaks ground on a project for the Las Vegas Convention Center. The firm will have to prove it can bore underground transportation tunnels cheaper than other firms. That project is worth $48.7 million and will be The Boring Company’s first commercial transport contract.
Selling stock is probably the more normal way The Boring Company has raised investment. Other avenues the firm has explored including selling hats which raised $1 million dollars and selling flame throwers which raised eyebrows.