Elon Musk's Boring Co raises $120 million in first outside investment

The investment values the company at about $920 million after the new cash injection, according to a Boring Co. spokesman

Elon Musk’s Boring Co. has raised its first outside investment to fund development of tunnel-based transportation systems.

The company authorized the sale of $120 million in stock, according to a securities filing that was obtained by the Prime Unicorn Index, a company that tracks the performance of private U.S. companies, and reviewed by Bloomberg News. The investment is in addition to the $113 million the company raised last year.

“We are delighted to be an investor in Boring,” said Steve Jurvetson, a venture capitalist with Future Ventures and a director on the boards of Musk’s Tesla Inc. and Space Exploration Technologies Corp.