SpaceX tops $4 billion after $561 million Boring Company gain
Business
SpaceX just got a $561 million boost thanks to its stake in The Boring Company (TBC), another Elon Musk venture.
This unrealized gain helped push SpaceX's net income to more than $4 billion last quarter, giving the company some serious extra cash to play with.
The Boring Company raises $3 billion
TBC recently raised $3 billion, with backing from the United Arab Emirates, and is now valued at $23 billion.
Known for building underground tunnels (like the Las Vegas Convention Center Loop, where passengers can travel in Tesla vehicles), TBC has big plans ahead, including a Nashville project and a massive tunnel network in the United Arab Emirates.