Elon Musk’s Boring Firm desires to construct a community of underground tunnels to move folks and cargo round cities. It is simply raised $675 million to push additional towards that aim.

The Boring Firm stated late Wednesday that it raised the recent funds in a Sequence C funding spherical valuing the agency at $5.675 billion.

The Boring Firm says its final purpose is to remove “soul-destroying site visitors” with huge networks of tunnels. The agency plans to spend the most recent money on scaling Loop, a system that can shuttle passengers by means of high-speed tunnels.

The beginning-up has beforehand claimed the know-how might sooner or later shuttle passengers at as much as 150 miles per hour. It has thus far struggled to hit these speeds, reaching a most of solely 50 mph in check rides with reporters in a Tesla Mannequin X electrical automotive.

The Boring Firm says it just lately gained approval for a 29-mile tunnel community connecting 51 stations beneath Las Vegas. The corporate is asking it the “largest subsurface transportation undertaking,” and says it should ultimately be able to transporting 57,000 passengers per hour.

It is a far cry from the “hyperloop” idea, first envisioned by Musk, which might see pods whiz by means of a sequence of underground tubes at even sooner speeds — as a lot as 760 mph, in keeping with one firm growing the tech. A number of companies are hoping to make the know-how a actuality.

For now, Hyperloop says it is targeted on growing its Loop undertaking and Prufrock, The Boring Firm’s line of machines designed to dig enormous tunnel infrastructure tasks in a matter of weeks.

The Boring Firm says it should “considerably improve hiring throughout engineering, operations, and manufacturing” to construct out its Vegas Loop undertaking, and for analysis and improvement.

As if Musk did not have sufficient on his plate already, the tech billionaire can be proposing a deal to purchase Twitter and take the corporate personal.

The Tesla and SpaceX CEO has supplied to accumulate the social media platform for $43 billion, however there are doubts over whether or not he can safe the required funding to make such a big bid. Twitter’s board has adopted a so-called “poison tablet” technique designed to fend off a attainable hostile takeover.

Tesla reported an 81% leap in first-quarter revenues Wednesday, beating analyst expectations and sending shares of the agency up greater than 7% in after-hours buying and selling.