The Boring Company owned by Elon Musk is now worth nearly $5.7 billion

He said the government is cooperating with The Boring Company on engineering issues at the project, which will connect downtown and a nearby beach. They work to align the road on the right of way which is more controlled by the city. He declined to reveal when it would be completed.

Tesla CEO Musk previously offered a more complex vision for The Boring Company, transporting people through cities in dedicated self-driving cars at speeds of up to 120 miles per hour. But the reality so far, in Las Vegas at least, has involved human drivers running what looks like a standard Tesla at 35mph.

Boring still says it plans to eventually transition to fully independent operations, which will reduce the cost of operations.

Sequoia said in a blog post that Boring is at an “inflection point.”

“The next few years will be about 10 times the performance by making their systems quickly reusable and fully autonomous,” he wrote.

The Boring Company says the next-generation tunneling machine is designed to be able to operate remotely and independently, requiring no one in the tunnel. The current iteration of the machine, called the Prufrock, is designed to drill up to a mile per week. Tunneling faster is critical to reducing costs.

The Boring Company said it also plans to build utility and shipping tunnels. It did not respond to a request for comment.