The Boring Company Stock: Digging into its IPO Potential
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Table of Contents
Notable Boring Company News
10/31/2024: The Boring Company shows steady progress in Texas
11/20/2023: There’s trouble below at Elon Musk’s Boring Co.
10/23/2023: Boring Co. Shares Rise Over 22% in Employee Share Sale
09/22/2023: Could The Boring Company be Worth $1 Trillion?
Older news…
About The Boring Company
The Boring Company is a construction infrastructure company that digs tunnels for transportation projects.
The company intends to “solve the problem of soul-destroying traffic” by going 3D. Underground transportation is out of sight, weatherproof, and safer than the alternative 3D transportation option (flying cars).
Perhaps The Boring Company is most famous because of its founder, Elon Musk. Musk, who also founded SpaceX (and Starlink), xAI, and Tesla, is a proven entrepreneurial savant and one of the world’s wealthiest people.
When he starts a company, people pay attention and want to join for the ride.
As of January 2023, there are five projects in various planning and construction phases.
Here’s an overview of the Boring Company Loop system:
Ownership
Elon Musk is the primary shareholder, owning a majority of the equity. Employees, SpaceX, and venture capital firms, including Vy Capital, Craft Ventures, 8VC, Future Ventures, and Gigafund own the rest.
Since its founding, the Boring Company has raised at least $908 million in private financing.
The latest official funding round was its Series C, announced on April 20th, 2022.
The company raised $675 million. Vy Capital and Sequoia Capital led the round with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
An employee sale was completed in October 2023, raising the company’s valuation.
Funding Rounds
| Round | Date | Est. Valuation | Raise Amount | Price |
|---|---|---|---|---|
| Tender Offer | 10/23/23 | $7.00B | $0 | $24.00 |
| Series C | 04/19/22 | $5.68B | $675.00M | $ 19.59 |
| Series B | 07/24/19 | $920.00M | $120.00M | $ 3.59 |
| Capitalization | 04/15/18 | 0 | $112.50M | $ 1.00 |
| Source: Caplight |
Valuation
The Boring Company valuation is $7 billion as of October 2023. This value is based on the estimated implied valuation from an employee share sale as reported by The Information.
This is up from the April 2022 Series C funding round, which confirmed The Boring Company’s valuation at $5.675 billion.
IPO Potential
The Boring Company IPO date is currently unknown.
As of Q2 2024, there have been no indications that the company will go public soon. Its April 2022 Series C funding round provided ample capital to hire talent for company growth, and an October 2023 tender offer provided employee liquidity.
In December 2020, Musk seemed open to combining all of his companies into a massive conglomerate, but no further details emerged.
IPO dates are always subject to change due to market conditions. Bookmark this page for the latest The Boring Company IPO news.
How to Invest in Boring Company Stock
Generally, it’s challenging to acquire shares of high-demand private companies and IPOs. Most investors will need to settle for buying the stock if and when it begins trading.
IPO underwriters typically give their best customers access first, then allocate shares to certain institutions and brokers often tied by professional relationships.
When the largest brokers receive IPO shares, they divvy them up amongst their eligible customers, prioritizing their most valued customers first (wealthiest).
For high-demand deals, most retail investors will not get shares.
1. Acquire shares in pre-IPO marketplaces
Founders, early employees, and investors often find themselves in a difficult predicament. They own valuable shares of a company that doesn’t trade publicly.
These shareholders might have multi-million dollar net worths because of their stock holdings, but the stock is not liquid because it doesn’t trade on an exchange.
A few platforms have evolved to give these individuals a way to liquidate their holdings before the IPO.
Prominent pre-IPO investing platforms include Hiive, Linqto, EquityZen, and Forge. Here’s a complete list of pre-IPO investing platforms.
These sites bring liquidity to an otherwise illiquid asset. Accredited investors (those with invested assets > $1,000,000) may join these sites and attempt to buy these companies’ shares when they become available.
The shares are only offered to accredited investors because the Company’s financials have not been publicly filed with regulators yet, increasing the investors’ risk.
Demand is high for high-profile companies, lowering your chances of acquiring shares. The author considers this a low-likelihood way to acquire shares.
However, some readers have written to me about success stories buying shares this way.
2. Buy the stock after the IPO
Since acquiring IPO shares is almost always challenging for individual investors, the primary way to own The Boring Company stock is to wait for the IPO to complete (if it ever happens).
Realistically, unless your brokerage account is worth more than $1 million and your broker regularly receives IPO allocations, you are unlikely to access high-demand IPOs.
In some cases, patient investors can buy the stock at or below the IPO price. This is not always true.
Uber, which many predicted would rise steeply, actually fell on the IPO date.
Spending significant effort to acquire IPO shares may not be worth it in the end. You may also spend time and effort to obtain shares but only receive a small allocation, limiting upside gain.
Though IPOs can provide one-day gains north of 20%, even up to 100% in rare cases (such as Airbnb and Doordash), the most significant gains will come during the decade following the IPO if the company is genuinely disruptive.
Take, for example, Netflix, Amazon, or Tesla. You could have bought the stock years after the IPO and still experienced gains of more than 1,000%
If you’re an investor who wants to buy The Boring Company stock for the long-term, consider opening a position after the IPO and averaging down if the stock falls.
Short-term traders may angle to acquire IPO shares and hope for a short-term pop.
3. Buy the stock during IPO through a broker
Ambitious investors can position themselves to invest in The Boring Company IPO once it arrives.
As IPO demand increases, the chances of receiving IPO shares decrease. Therefore, the IPOs that are most interesting to the masses are the hardest to access.
Most online brokers do not offer IPO shares. Check directly to see if yours does, or look at our list of best brokers for IPO investing.
Legacy brokers, such as Fidelity and Charles Schwab, have minimum eligibility requirements and penalties for flipping shares (selling shortly after the IPO).
But even if eligible, the brokers must sub-allocate whatever limited shares they receive from the IPO underwriters.
TradeStation has a multi-year history of delivering IPO access to retail investors. Open an account to be eligible to invest in IPOs.
Joining a broker that offers access to IPOs does not guarantee a share allocation, especially in high-demand IPOs. You are probably better off waiting for the company to start trading after the IPO.
Frequently Asked Questions (FAQs)
Is The Boring Company publicly traded?
No. The Boring Company is not publicly traded. It is a private company.
What is The Boring Company stock price?
Since The Boring Company is not publicly traded on a stock exchange, there is no public Boring Company stock price yet.
Pre-IPO marketplace data and reporting can offer some guidance on the current price.
An employee share sale reported by The Information in October 2023 stated that shares changed hands at about $24 per share, up from $19 in the previous funding round.
The author will update this post with The Boring Company IPO stock pricing updates as the IPO date approaches.
What is The Boring Company stock symbol?
The Boring Company has not yet submitted public filings to the SEC. Therefore, it is not yet known what the Boring Company stock symbol will be. We can only speculate.
Here are two ideas that appear to be available on U.S. exchanges:
- BORE
- BOR
Where is The Boring Company S-1 Filing?
The Boring Company S-1 filing won’t be publicly available until approved and released by the SEC. Once it is public, we’ll post it here. We’ll likely hear news of the IPO long before this.
You can find a real-time SEC feed of the latest IPO filings from other companies on the recent S-1 filings page.
The Boring Company News Archive
05/03/2023: The Boring Company gets approval for more stations in LV
03/21/2023: The Boring Company Vegas Loop to double in size
08/24/2022: Boring Company wins approval for two-mile tunnel in CA
04/21/2022: The Boring Company: The Promise of Subspace
04/20/2022: BORING COMPANY SERIES C FUNDING ROUND
03/21/2022: Will Musk Merge Tesla, SpaceX and The Boring Company?
02/18/2022: Boring Company submits proposal for 6-mile Loop in FL
10/21/2021: Boring Company gets approval for Las Vegas Loop
08/06/2021: Boring Company exploring underground tunnel to Austin
07/22/2021: Why Boring Company is finding that traffic is tough to fix
07/07/2021: Boring Company bids to build transit tunnel in Florida
01/14/2021: Boring Company gets $6.25M for LVCC Loop & permission to dig more
01/12/2021: Boring Co. Vegas Loop would be operating right now if not for COVID-19
12/24/2020: Elon Musk said that combining SpaceX, Tesla, Neuralink, and Boring under a megacorporation called ‘X’ would be a ‘good idea’
Conclusion
Elon Musk is arguably the most prolific entrepreneur of our time. Personal behavior and beliefs aside, his companies reflect the future that he and his fans want to live in. Many of his companies are investable, including Tesla, SpaceX, and xAI (via the ARK Venture Fund), but Boring Company stock is harder to come by.
Not as many shares are available on pre-IPO marketplaces, and being more of an industrial company, many workers may be contracted and do not own shares of the company.
Since Musk owns most shares, he decides if the business model is ready for public scrutiny in the public markets. At this stage, it is clear that The Boring Company is not ready to be public.
For those eager to be part of The Boring Company’s journey, patience is key. Monitoring pre-IPO platforms or awaiting The Boring Company’s IPO are the primary ways to secure a stake in this promising venture.
Craig Stephens is a former IT professional who left his 19-year consulting career at the IRS to be a full-time finance writer. A DIY investor since 1995, he started Access IPOs in 2016 to provide a resource for ordinary investors pursuing access to IPOs. Craig studied Finance at Michigan State University and lives in Northern Virginia with his wife and three children. Learn more about Craig.
Risk Statement: Investing in IPOs and pre-IPO startups involves significant risk. Do not invest in companies based solely on what is included in this article. Only invest in IPOs and pre-IPO companies with money you can afford to lose. Access IPOs is for informational purposes only. Mentions of specific investments should not be construed as financial advice. Conduct personalized research and consider consulting with an investment advisor before investing.
