TBC - The Boring Co

TBC - The Boring Co is the tunneling and underground transit company founded by Elon Musk, headquartered in Bastrop, Texas and incorporated in Delaware. It operates the Vegas Loop passenger tunnel system beneath Las Vegas and began tunneling in Nashville in 2026. It has never registered securities with the SEC or filed periodic reports; its public record consists of four Form D notices under Rule 506(b): April 2018 ($112,520,000 sold, 31 investors), July 2019 ($117,068,740 of $120,085,500, 20 investors), May 2022 ($675,285,773, 38 investors) and September 10, 2026 ($3,198,599,250 of $3,420,699,200, 141 investors, first sale August 21, 2026), about $4.10 billion in reported exempt sales. The 2026 notice lists Jared Birchall and Steve Davis as executive officers and Baris Akis, Antonio Gracias and John Hering as directors; Elon Musk, listed as an officer in 2022, is not on it. Bloomberg reported the 2026 round as $3 billion backed by the United Arab Emirates and affiliated entities at a $23 billion valuation.

Within venture-backed private companies, this is a late-stage operating company raising under Rule 506(b) with no registration statement, so its disclosure is limited to Form D amounts, investor counts and named officers. Valuation, share price, investor identity and use of proceeds are unverifiable against any SEC filing. The 2026 notice reports three security types (equity, debt and a security acquirable on exercise) and a $10,391 minimum, so the total is not a clean count of one preferred class sold to funds.