Elon Musk’s Boring Company raises $120 million, achieving unicorn status in the process

This time its the Boring Company, a pet project of Musk’s, which focuses on developing efficient transportation through Hyperloop tunnels.

A Hyperloop is a mode of passenger transportation, which uses a sealed tube or a system of sealed tubes through which a pod can travel at high speeds without air resistance or friction.

Musk’s version of the concept “incorporates reduced-pressure tubes in which pressurized capsules ride on air bearings driven by linear induction motors and axial compressors,” according to Gizmag.

The company has now raised more than $120 million by selling stocks to outside investors, a sign of strength in a project which could be considered a hobby by comparison to Musk’s ambitious projects underway at SpaceX and Tesla.

The company previously raised more than $100 million, largely through self-financing set up by Musk. All this contributes to Musk’s ongoing commitment to revolutionizing the transportation industry.