Companies · Energy

TBC - The Boring Co

PFLUGERVILLE · Energy · refined from filed group “Other · https://www.boringcompany.com/

Diligence memoA one-page analyst read on TBC - The Boring Co — recommendation, valuation, rhythm, risks.
$904.9M
Total raised · real
3
Rounds
5.8×
Latest step-up
Top 2%
Sector rank · raised
Growth/Late
Latest stage · inferred · Wed Apr 20 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

TBC - The Boring Co has raised $905M over 3 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 4.2 yr ago; this sector typically re-raises about every 12 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Energy

TBC - The Boring Co is one of 69 Energy companies tracked from PFLUGERVILLE. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

The Boring Company constructs safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.

The Boring Company constructs safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels. Located at the Las Vegas Convention Center, LVCC Loop is the first commercially operating Loop system. We're looking for talented individuals ready to get their hands dirty to make a meaningful impact that will last for generations to come. We are an equal opportunity employer offering competitive salaries, comprehensive health benefits, and equity packages. © 2026 The Boring Company. All Rights Reserved.

energy
Find The Boring Company online

Trades publicly as The Boring Company.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
38
Investors (latest)
2017
Year incorporated
2022-04-20
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$2.5B$5.0B$7.5B$10.0BSeries D+ · 2018-04-06 Raised $113M (real) Modeled valuation $1.4B (est)$113M$1.4BSeries D+2018Series D+ · 2019-07-19 Raised $117M (real) Modeled valuation $1.4B (est)$117M$1.4BSeries D+2019Growth/Late · 2022-04-20 Raised $675M (real) Modeled valuation $7.5B (est)$675M$7.5BGrowth/Late2022+$117M+$675MCumulative $905M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series D+$112.5M · 2018
Series D+ extension$117.1M · 2019
Growth/Late$675.3M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 29%.

Modeled valuation trajectory
$7.5B
Base estimate est.
$5.0B
Conservative case
$11.6B
Upside case
$6.8B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.

Series D+ · modeled $1.4B · 2018-04-062018Series D+ · modeled $1.4B · 2019-07-19Growth/Late · modeled $7.5B · 2022-04-202022
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
86%
Survival probability
74% low · 92% high
1.06×/yr
Annual markup
1.16×/yr upside case
4.2 yr
Elapsed time used
4.2 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
24 mo
Avg between rounds
$224.1M/yr
Capital velocity
8.2 yr
On record since
2018
First round
3
Rounds on file
How it compares to the market

Benchmarked against 69 companies in Energy. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 133× above median
This company$904.9M
Sector median$6.8M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 1.6× above median
This company$675.3M
Sector median$414.6M
Modeled value — vs sector median (estimate, all stages) 334× above median
This company$7.5B
Sector median$22.4M

Raised more than 99% of sector peers (real $). Modeled value above 100% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
TBC - The Boring Co this companyGrowth/Late$904.9M$7.5B1.63×
Redwood Materials, Inc.Growth/Late$1.0B$1.7B0.37×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series D+$112.5M2018-04-06$937.7M$1.4B90%
Series D+$117.1M2019-07-19$975.6M$1.4B90%
Growth/Late$675.3M2022-04-20$6.8B$7.5B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series D+$112.5M2018-04-06
    • First recorded raise — entered as Series D+.
    • 31 investors on this round.
  2. Series D+$117.1M2019-07-19
    • Raised 15 mo later, in step with the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 20 investors on this round.
  3. Growth/Late$675.3M2022-04-20
    • Raised again after 33 mo — slower than the ~12 mo sector norm.
    • Round 5.8× larger than the prior — scaling up.
    • 38 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~24mo cadence
$2.0B
Modeled next size est.range $1.3B$3.2B
5.8×
Last step-up
$224.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Elon Musk5 other2022-04
JARED BIRCHALL2 other2018-04
Steve Davis2 other2018-04
ARUN PRAKASH1 other2022-04
Jeff McIntosh2019-07
Registry & provenance

TBC - The Boring Co is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1737630
SEC CIK
2017
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Neuralink Corp.BiotechnologyGrowth/Late$1.2B$6.4Bnetwork2 shared operators · same stage
Redwood Materials, Inc.EnergyGrowth/Late$1.0B$1.7Bsame sector · same stage
CBI Parent, L.P.RetailingGrowth/Late$735.2M$388.0Mnetwork1 shared operator · same stage
X.Ai Corp.AI / MLSeries D+$162.4M$290.3Mnetwork2 shared operators
Space Exploration Technologies CorpSpace / AerospaceGrowth/Late$9.0B$4.4Bnetwork1 shared operator · same stage
Grid Dynamics Holdings, Inc.EnergySeries D+$255.8M$3.1Bsame sector
Moxion Power Co.EnergySeries C$112.8M$85.2Msame sector
Tesla, Inc.Other TechnologySeries D+$246.6M$632.7Mnetwork1 shared operator
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Tbc Iv LlcConstructionSeries A$25.7M71%
Tbc Iii LlcOther EnergySeed$42.4M70%
Tbc Ii LlcOther EnergySeed$7.4M69%
TCC Holdco, LLCConstructionSeries A$26.9M68%
Phoenix Boring Inc.Other TechnologySeries A$13.8M67%
CDL Underground Specialists, LLCOtherPre-Seed$11.3M66%
Breezy Point Energy CorpOther EnergySeed$21.3M65%
Sleep Over LLC / TXLodging and ConventionsSeed$6.5M65%
Frequently asked
How much funding has TBC - The Boring Co raised?
TBC - The Boring Co has raised approximately $904.9M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is TBC - The Boring Co's estimated valuation?
Provath's modeled valuation for TBC - The Boring Co is approximately $7.5B (modeled range $5.0B–$11.6B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is TBC - The Boring Co at?
TBC - The Boring Co's latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Wed Apr 20.
What does TBC - The Boring Co do and where is it based?
TBC - The Boring Co operates in the Energy sector, based in PFLUGERVILLE. The Boring Company constructs safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels.
Explore related

See where TBC - The Boring Co sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at TBC - The Boring Co, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.