/ Pre-IPO Risk Index / The Boring Company
The Boring Company
Infrastructure · Pre-IPO · $7B (Q2 2022, no refresh)
D+
High Risk (D+) — Round Z Pre-IPO Risk Grade
The Boring Company develops tunneling and underground transportation systems. Las Vegas Convention Center Loop is the primary commercial deployment to date. Multiple proposed city loops (Las Vegas Strip expansion, Fort Lauderdale, Chicago, Baltimore) have not converted to revenue at the projected scale. Limited financial disclosure; founder-controlled.
47
Composite / 100
Where this grade comes from.
Governance Risk
D+
Valuation Methodology
D
Secondary Liquidity
C
Financial Disclosure
D
Exit Probability
D
Key risk events & disclosures.
- Las Vegas Loop operating since 2021
- Vegas Strip expansion proposals 2023-2024
- Limited municipal-customer conversion
- Founder-controlled with cross-investments
/ Best for
Very limited recommendation. Investors with high founder-conviction thesis who can accept limited financial-disclosure transparency.
/ Watch out for
Limited customer-traction beyond the initial Las Vegas deployment creates structural revenue questions; municipal-procurement timelines are the key indicator.