Elon Musk has expanded many companies in Texas, including Tesla, SpaceX, Boring Co., and Neuralink. Earlier this year, Tesla held a groundbreaking ceremony for a lithium refinery in Texas with Governor Greg Abbott in attendance.
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SpaceX announced Thursday that Elon Musk’s stake in The Boring Company generated a $561 million investment gain in the third quarter.
The gain accounted for more than half of SpaceX’s “other income” for the period, boosting its net income to just over $4 billion, the company said in its quarterly financial report to the Securities and Exchange Commission.
Boring, which was founded within SpaceX in 2017 and spun out a year later, says its mission is to “revolutionize transportation” by building underground tunnels with stations for passengers to board and alight. Boring raised $3 billion last month at a $23 billion valuation with support from the United Arab Emirates and other longtime mask supporters.
Boring has announced about a dozen city projects, but the only tunnel currently open to the public is in Las Vegas, where passengers can use the Las Vegas Convention Center Loop to travel between the downtown convention center and various casino resorts in Tesla cars.
Last July, the Boring Company was awarded a contract to build approximately 20 miles of tunnels in Nashville, Tennessee. The Music City Loop, as it’s known, is designed to transport paying passengers between downtown and the airport in Tesla vehicles. The fast-paced project sparked partisan bickering once it was given the green light and this week raised new safety concerns over sinkhole risks.
In the United Arab Emirates (UAE), Boring plans to build more than 150 kilometers (93 miles) of tunnels, including the Dubai Loop project announced last February.
SpaceX also said in Thursday’s filing that it has $151 million worth of Tesla’s Megapack energy storage systems during the quarter. Musk said during SpaceX’s earnings call on Tuesday that he thought it would be a “good idea” for the two companies to merge, and said the companies had formed a special committee to discuss a potential deal.
WATCH: Analysts expect SpaceX stock to rise in the long run if merger with Tesla goes through
