When Elon Musk complained about traffic snarls, he proposed a solution. A few years later, the business mogul agreed the solution could be worth $1 trillion by 2030, barring one pain in the neck: permit.
Musk’s solution was to put roads under the ground by digging tunnels. The company he uses to achieve the aim, which is uninspiringly named The Boring Company, may soon be worth a lot of money. The company already has three completed projects: the Las Vegas Convention Center (LVCC), the R&D Tunnel, and the Hyperloop Test Track.
The Boring Company seeks to reduce the time spent constructing underground tunnels using new technology. It claims projects that took years can be completed within weeks with its machines. The Prufrock can dig one mile per week, with improvements expected with future upgrades.
Based on this technology, Warren Redlich, an investor, has projected that The Boring Company could have more than 10,000 miles of tunnel by 2030. He expects the total to jump to 100,000 miles five years later.
Redlich also predicts that the tunnel-maker will file for an IPO in 2028, on its way to a $1 trillion valuation by 2030.
Musk responded in agreement. However, he clarified that while his company was technologically capable of the feat, permits would hamper it. He lamented that construction has effectively been made illegal in North America and Europe.
Apart from permits, The Boring Company has faced criticism for its attempt to build a wastewater treatment facility in Texas.