The Boring Company is reportedly working to raise $4 billion in new funding.

The Boring Company is in talks to raise $4 billion at a $20 billion valuation, nearly quadrupling its $5.7 billion valuation in 2022.

SpaceX has lost over $1.2 trillion in market capitalization since June, mirroring the current valuation of Elon Musk's other company, Tesla, amid continued stock declines.