About The Boring Company

We’ve been working to get into this name for over a year. The Boring Company is the last private company in the Elon Musk ecosystem our network didn’t already hold, and this Series D is our way in. Headquartered in Bastrop, Texas, it rarely raises outside capital, which is exactly what makes this allocation hard to come by.

The Opportunity

Urban congestion costs the U.S. economy $166 billion annually in lost productivity. Traditional subway systems cost $100M+ per mile and take decades to build. The Boring Company is rewriting the economics of underground transit by drilling tunnels at a fraction of the cost and speed.

Source: The Book of Elon by Eric Jorgenson

The company builds underground transportation networks using proprietary tunneling machines that operate 10x faster than conventional systems at costs under $10M per mile. They’re deploying these networks in major cities starting with Las Vegas, where the Loop system moves over 100,000 passengers during conventions with zero disruptions. As cities suffocate under traffic, Boring is building the infrastructure to move people underground at scale.

Founded in 2016 by Elon Musk, The Boring Company started as a side project to solve LA traffic and has since completed operational tunnels in Las Vegas with expansion projects planned across the U.S. and internationally. The company raised $907M over three funding rounds with backing from Vy Capital, Sequoia, and Founders Fund.

Private Tour of Elon Musk’s Most Underrated Company (The Boring Company)

Why It’s Working 

Boring’s Prufrock tunneling machines target speeds over 1 mile per week, which is 6x faster than previous generation systems. The breakthrough isn’t just speed - it’s continuous tunneling that installs segments simultaneously while digging, smaller 12ft diameter tunnels that slash costs, and processing excavated dirt into building materials on-site. This approach cuts time, labor, and material costs by orders of magnitude compared to traditional rail tunnels.

Prufrock-4, a state-of-the-art tunnel boring machine (TBM) built by The Boring Company (photo: @boringcompany)

The Las Vegas Convention Center Loop cost $47-$53 million for 1.7 miles of dual tunnels. Traditional subway construction runs $100M+ per mile. That cost advantage is the wedge. The system handled 100,000+ attendees during major conventions with zero surface disruption, proving the model works at scale.

Las Vegas Loop system built by The Boring Company (photo: https://www.boringcompany.com)

The pipeline is no longer one city. Nashville broke ground on the Music City Loop in February 2026, a 19-mile twin-tunnel system connecting downtown to the airport, the company’s first true intercity build. Dubai Loop starts construction in late 2026, cutting the DIFC to Dubai Mall trip from 20 minutes to 3. And Vegas itself is now approved for 68 miles and 104 stations, up from the 2.1 miles running today.

The company isn’t selling transit rides - they’re licensing tunneling technology and building networks cities actually want. Projects are expanding to Vegas airport connections, Fort Lauderdale, and international markets including Dubai. Each project de-risks the technology and builds the playbook for rapid deployment.

Why We’re Interested (LFG POV)

The Boring Company sits at the center of two LFG theses at once: the reindustrialization of American infrastructure, and the Elon Musk ecosystem we already have deep exposure to.

The reindustrialization bet runs through much of our book: companies rebuilding the physical economy, from defense manufacturing to the factory floor to heavy infrastructure. Boring is that same bet pointed underground: take a category that hasn’t changed in a century and cut the cost by an order of magnitude.

Then there is the flywheel. We hold SpaceX, xAI, and Neuralink. Boring runs on the same engine: Prufrock is built at Giga Texas, the Loop moves people in Teslas, and the Cybercab is next. When Elon points his manufacturing and capital machine at a problem, the companies around it compound. We would rather own that access than watch it from the outside.

Notable Investors

• Sequoia Capital (co-led Series C)

• Vy Capital (co-led Series C)

• Founders Fund (early backer)

• Valor Equity Partners

• 8VC

• Craft Ventures

Press

1. TechCrunch: Series C Funding Announcement (2022)

2. Seeking Alpha: Las Vegas Expansion & Profitability (2025)

3. Las Vegas Review: Journal - Vegas Loop Future Build (2026)

4. TechCrunch: Expanding Underground Transit to 65 Miles (2023)

5. The Boring Company: Projects Page

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*** Notes

1. Round. The company may potentially offer company-approved secondary shares at the Series D valuation in addition to or instead of the Series D primary investment.

2. Structure. Our SPV is investing into a cap table co-investment vehicle.

3. Limited Allocation. Allocation is limited. Priority will be given to LFG+ Members, then on a first come, first served basis among committed investors.

4. LFG+ Membership. LFG+ Members receive priority access to limited allocation and reduced economics - here are our membership details. To receive LFG+ benefits for this deal, you must activate your membership before the commitment deadline.

5. Limited Information. The information available to us and what we can share will be limited due to the nature of this deal.

6. Terms. Instead of charging an annual Management Fee, we handle it as a one-time, upfront (non-refundable) fee to simplify accounting and cap expenses. Please note that these terms are subject to change until the allocation is finalized. The subsequent fund documents will govern.