Elon Musk’s Boring Company raises $120 million, achieving unicorn status in the process

Another company managed by Elon Musk has reached unicorn status.
Another company managed by Elon Musk has reached unicorn status.

Another company managed by Elon Musk has reached unicorn status.

This time its the Boring Company, a pet project of Musk’s, which focuses on developing efficient transportation through Hyperloop tunnels.

A Hyperloop is a mode of passenger transportation, which uses a sealed tube or a system of sealed tubes through which a pod can travel at high speeds without air resistance or friction.

Musk’s version of the concept “incorporates reduced-pressure tubes in which pressurized capsules ride on air bearings driven by linear induction motors and axial compressors,” according to Gizmag.

The company has now raised more than $120 million by selling stocks to outside investors, a sign of strength in a project which could be considered a hobby by comparison to Musk’s ambitious projects underway at SpaceX and Tesla.

The company previously raised more than $100 million, largely through self-financing set up by Musk. All this contributes to Musk’s ongoing commitment to revolutionizing the transportation industry.