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Elon Musk's Boring Company raises $112.5 million for hyperloop tunnels

The funding comes about five months after Musk said the Boring Company would compete to fund

Reuters 

Elon Musk
Tesla founder Elon Musk won’t get paid unless the stock rises

Elon Musk's has raised $112.5 million in equity, the firm said in a regulatory filing on Monday, as it seeks to build underground tunnels for its project.

Musk, who also leads Tesla and rocket company SpaceX, is seeking to revolutionize by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the

The funding comes about five months after Musk said would compete to fund, build and operate a "loop" to connect downtown with O'Hare Airport.

Musk had earlier sold hats and flamethrowers to raise funds.

says tunnel-digging projects can cost as much as $1 billion per mile. Its goal is to lower these costs by a factor of 10 or more, its website says.

First Published: Tue, April 17 2018. 03:46 IST
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