Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
While Tesla SpaceX and the website formerlyknown as Twitter continue to receive the majority
of attention in the Elon Musk universe, the Boring Company has been soldiering on
forgive the pun underground. We nowhave evidence to suggest that the Boring Company
has made new technological updates in tunnelingthat could change their fortunes, have updated
(00:21):
plans of what they want to achieve, and are still plagued by bureaucracy.
So what has the Boring Company beenup to these past few months? Let's
get into it. In some goodnews for the Boring Company, its application
for an expansion to the Las Vegastunnel network received unanimous approval from the local
city council. This gives the companythe green light to go ahead with its
(00:44):
plan to build an underground network totalingsixty eight miles of tunnels and eighty one
stations. While the initial phase centersaround the downtown core of Las Vegas,
a vast majority of the extension willalso connect areas further out, potentially makeing
it a true transit system for thecitizens of Las Vegas and not just a
tourist attraction. The only portion ofthe Vegas Loop currently in operation are three
(01:11):
stations around the Las Vegas Convention Center, connecting three exhibition halls, plus one
connector tunnel out to the nearby ResortsWorld Hotel. The Convention Center Loop seems
to be where the Boring Company isironing out all the nitty gritty details to
make the system work as smoothly aspossible. It has been operational for over
two years now and has transported overone point two million passengers during that time,
(01:36):
hitting a peak daily capacity of thirtytwo thousand riders, which is quite
impressive. An offshoot from the ConventionCenter Loop to Resorts World opened in the
summer of twenty twenty two, withtwo further connections to the Encore Luxury Resort
and Westgate Hotel currently under construction.The Encore tunnel is scheduled to open in
(01:57):
early twenty twenty four, with atrip in and the two thousand, three
hundred and twenty five foot tunnel fromthe resort to the central Hall of the
Convention Center expected to take just oneminute. Once all three offshoots are operational,
the Boring Company plans to add onemore return tunnel for each of the
new stations to allow for simultaneous tripsbetween the convention center and the resorts.
(02:21):
With the two machines in the groundfor the last few months, the work
is well on its way. Thecurrent plan is for the entire Las Vegas
system to be built out in phasesand then connected to create a seamless transit
loop from the South Strip to thedowntown core. While individual properties will pay
for their stations, the Boring Companywill build out the tunnel system at its
(02:43):
own expense. The first section likelyto be constructed under the Strip will be
the Tropicana Section, which will includeAllegiant stadium, resorts around Las Vegas Boulevard
and Tropicana Avenue, and the Universityof Nevada. If the Las Vegas project
proves successful, company could potentially revolutionizeurban transit as we know it and make
(03:04):
Elon Musk even more obscenely wealthy thanhe already is. One individual who believes
strongly in the company's success is investorWarren Redlick. He says that the Boring
Company could reach a valuation of onetrillion dollars as soon as twenty thirty and
go public by twenty twenty eight.He projects the company will have over ten
(03:24):
thousand miles of tunnels by that timeand then jump to over one hundred thousand
miles in another five years. Hisbelief stems from the advancements made in the
proof Rock tunnel boring machine that's capableof digging a one mile tunnel in a
week, with a third generation machinein prototype stage that aims to dig seven
(03:45):
miles a day. And if thatwasn't enough, Redlick also went on to
predict the Boring Company tunnels would connectNorth America to Asia via the bearing straight
by twenty forty, replacing cargo shippingin the process. So why are we
paying attention to an investor's posts onx Well? It turns out Elon Musk
(04:06):
agrees with Redlick, responding directly tothe post, stating it is actually possible
from a technology perspective. Elon followedthat up by saying the biggest hindrance is
getting permits for all the work thecompany needs to do, and that construction
is becoming practically illegal in North Americaor Europe. So does this mean we
(04:27):
will be taking tunnels to Asia inanother two decades? I mean it's possible,
but perhaps not so soon. Weknow Elon is capable of delivering on
his technological promises. It's usually thetimeline that ends up being way too optimistic,
but hey, we're here for it. Imagine if they somehow made those
tunnels transparent. If anything that wejust mentioned is actually going to become reality,
(04:49):
then the Boring Company needs a muchquicker and more effective tunneling machine,
and on August eighteenth, twenty twentythree, the company posted that their latest
generationunneling machine, the Proofrock three,has begun testing. Its aim for now
is to target full continuous mining wherethe machine never stops and a sub twenty
(05:11):
four hour launch time, which ishalf of the Proofrock two. This will
lead to a massive reduction in downtimeby running the machine twenty four to seven
and push it closer to the biggergoal of hitting that's seven miles a day
as if on Q. Recent footagefrom the Texas facility has revealed a new
design for tunnel linings. Up untilthis point, the Boring Company has used
(05:33):
trapezoidal segments to build the tunnel lining, but it appears with the move to
the Proofrock three, they will nowbe using hexagonal segments instead, and this
is a very significant change. Hexagonalsegments are at the heart of enabling continuous
mining, as they can be assembledpiece by piece instead of ring by ring.
(05:53):
In addition to that, every concretesegment is the same dimension, drastically
reducing cost and complexity. Thus,while the main machine continues drilling, the
lining is assembled piece by piece simultaneously. And all of this is great news
if the boring company intends to buildlots and lots of tunnels at a very
quick pace. The downside well,Hexagonal segments need to be thicker and stronger
(06:17):
as they tend to bear more loadthan individual trapezoidal segments, and slippage at
the joints can sometimes cause water ingress, which is costly to remedy. But
with the advantages far outweighing the disadvantages, this is the clear future for tunneling.
The next title is bass Drop Update. Over in Bastrop, Texas,
(06:39):
things are moving at a rapid pacefor the boring company. Construction on the
SpaceX and adjacent boring company properties areconstant, and the next generation of the
tunnel boring machine, the Proofrock three, is undergoing testing. In addition to
this, a housing complex for theemployees is also in the works. Unfortunately,
this speed is coming at an environmentalcost, making local residents and regulators
(07:02):
concerned. The Texas Commission on EnvironmentQuality has already hit the property with several
violations over poor erosion control. BastropCounty issued another violation over unauthorized wastewater holding
tanks, and regulators say they areconstantly hounded by staff and consultants to expedite
and approve permit applications that are incompleteor not in compliance. The boring Company's
(07:27):
favorite neighbor, Chap Ambrose, continuesto hold them to account, regularly posting
updates on x and his website keepBasstrop boring dot com. To be clear,
he isn't a hater. As acomputer programmer, he loves the technology
Elon has brought to the world.Ambrose is on the waitlist for the Tesla
cybertruck and a current Starlink Internet customer, but two years after the boring Company
(07:49):
moved in, he still thinks theyare ignoring safety and environmental regulations and trying
to get away with it. Herecently posted a video of how daily delivers
still block private homes and cause traffichazards, and he's also reported that the
company has received four more environmental violations, taking the total to fourteen. The
(08:11):
boring company's current application to build theirown wastewater plant to discharge one hundred and
forty three thousand gallons of treated waterinto the Colorado River is still pending approval,
with delays likely caused due to theirrepeated violations of the Clean Water Act.
So will the Boring Company clean upits act in bass Drop or will
it turn into its Achilles Heel?Only time will tell, but with Texas
(08:35):
shaping up to be a big hubfor all of Elon's companies, we hope
things work out for the better forthe environment and for technology. Now,
before we sign off, we learnsomething recently thanks to a freedom of information
request in Texas that could provide aninsight into things to come. Way back
in September twenty twenty one, mentrocapitalist Joe Lonsdale got on the phone with
(08:58):
Austin's then mayor, Steve Addas topitch a project to build an underground transit
system very similar to the one wenow see in Las Vegas. An investor
in the boring company himself, Lonsdaleexchanged emails with the mayor with a detailed
pitch deck. He proposed two phasesfor the project. The first would be
a thirty four mile tunnel with eightstations, connecting Austin's International Airport and Q
(09:22):
two Stadium to the downtown core.Phase two would add another two hundred and
seventy eight miles into the surrounding suburbswith thirty seven additional stations. Phase one
would cost three hundred and four milliondollars, while Phase two would come in
at two point three billion dollars.In order to sweeten the pot and just
(09:43):
to demonstrate proof of concept, Lonsdalesuggested starting really small. He and some
of his friends would pay for aone mile tunnel that would connect their lands
and properties around town. It wouldcost six to seven million dollars, but
it could spark intro from city leadershipto go ahead with a citywide tunnel system
built by the Boring Company in partnershipwith the city. Mayor. Adler dutifully
(10:09):
passed the proposal onto city staff,but they ultimately did not pursue it.
While this happened a few years back, we think it is indicative of the
path we might see going forward withthe adoption of the Boring Company's solution to
transit and traffic. While government andcity officials tend to exercise caution and are
usually restricted by regulations, wealthy venturecapitalists and investment firms might see this as
(10:33):
the next big business opportunity. Theycan push for initially expensive projects and provide
proof of concept before officials deem itworthy of investing for an entire city.
With regards to this, the boringcompany's project in Las Vegas seems even more
important. If it proves to bea resounding success, it might just create
(10:54):
a domino effect, with everyone racingto get their own transit system. At
that point point, the only hindrancewill be whether the boring company can bore
fast enough.
While Tesla SpaceX and the website formerlyknown as Twitter continue to receive the majority
of attention in the Elon Musk universe, the Boring Company has been soldiering on
forgive the pun underground. We nowhave evidence to suggest that the Boring Company
has made new technological updates in tunnelingthat could change their fortunes, have updated
(00:21):
plans of what they want to achieve, and are still plagued by bureaucracy.
So what has the Boring Company beenup to these past few months? Let's
get into it. In some goodnews for the Boring Company, its application
for an expansion to the Las Vegastunnel network received unanimous approval from the local
city council. This gives the companythe green light to go ahead with its
(00:44):
plan to build an underground network totalingsixty eight miles of tunnels and eighty one
stations. While the initial phase centersaround the downtown core of Las Vegas,
a vast majority of the extension willalso connect areas further out, potentially makeing
it a true transit system for thecitizens of Las Vegas and not just a
tourist attraction. The only portion ofthe Vegas Loop currently in operation are three
(01:11):
stations around the Las Vegas Convention Center, connecting three exhibition halls, plus one
connector tunnel out to the nearby ResortsWorld Hotel. The Convention Center Loop seems
to be where the Boring Company isironing out all the nitty gritty details to
make the system work as smoothly aspossible. It has been operational for over
two years now and has transported overone point two million passengers during that time,
(01:36):
hitting a peak daily capacity of thirtytwo thousand riders, which is quite
impressive. An offshoot from the ConventionCenter Loop to Resorts World opened in the
summer of twenty twenty two, withtwo further connections to the Encore Luxury Resort
and Westgate Hotel currently under construction.The Encore tunnel is scheduled to open in
(01:57):
early twenty twenty four, with atrip in and the two thousand, three
hundred and twenty five foot tunnel fromthe resort to the central Hall of the
Convention Center expected to take just oneminute. Once all three offshoots are operational,
the Boring Company plans to add onemore return tunnel for each of the
new stations to allow for simultaneous tripsbetween the convention center and the resorts.
(02:21):
With the two machines in the groundfor the last few months, the work
is well on its way. Thecurrent plan is for the entire Las Vegas
system to be built out in phasesand then connected to create a seamless transit
loop from the South Strip to thedowntown core. While individual properties will pay
for their stations, the Boring Companywill build out the tunnel system at its
(02:43):
own expense. The first section likelyto be constructed under the Strip will be
the Tropicana Section, which will includeAllegiant stadium, resorts around Las Vegas Boulevard
and Tropicana Avenue, and the Universityof Nevada. If the Las Vegas project
proves successful, company could potentially revolutionizeurban transit as we know it and make
(03:04):
Elon Musk even more obscenely wealthy thanhe already is. One individual who believes
strongly in the company's success is investorWarren Redlick. He says that the Boring
Company could reach a valuation of onetrillion dollars as soon as twenty thirty and
go public by twenty twenty eight.He projects the company will have over ten
(03:24):
thousand miles of tunnels by that timeand then jump to over one hundred thousand
miles in another five years. Hisbelief stems from the advancements made in the
proof Rock tunnel boring machine that's capableof digging a one mile tunnel in a
week, with a third generation machinein prototype stage that aims to dig seven
(03:45):
miles a day. And if thatwasn't enough, Redlick also went on to
predict the Boring Company tunnels would connectNorth America to Asia via the bearing straight
by twenty forty, replacing cargo shippingin the process. So why are we
paying attention to an investor's posts onx Well? It turns out Elon Musk
(04:06):
agrees with Redlick, responding directly tothe post, stating it is actually possible
from a technology perspective. Elon followedthat up by saying the biggest hindrance is
getting permits for all the work thecompany needs to do, and that construction
is becoming practically illegal in North Americaor Europe. So does this mean we
(04:27):
will be taking tunnels to Asia inanother two decades? I mean it's possible,
but perhaps not so soon. Weknow Elon is capable of delivering on
his technological promises. It's usually thetimeline that ends up being way too optimistic,
but hey, we're here for it. Imagine if they somehow made those
tunnels transparent. If anything that wejust mentioned is actually going to become reality,
(04:49):
then the Boring Company needs a muchquicker and more effective tunneling machine,
and on August eighteenth, twenty twentythree, the company posted that their latest
generationunneling machine, the Proofrock three,has begun testing. Its aim for now
is to target full continuous mining wherethe machine never stops and a sub twenty
(05:11):
four hour launch time, which ishalf of the Proofrock two. This will
lead to a massive reduction in downtimeby running the machine twenty four to seven
and push it closer to the biggergoal of hitting that's seven miles a day
as if on Q. Recent footagefrom the Texas facility has revealed a new
design for tunnel linings. Up untilthis point, the Boring Company has used
(05:33):
trapezoidal segments to build the tunnel lining, but it appears with the move to
the Proofrock three, they will nowbe using hexagonal segments instead, and this
is a very significant change. Hexagonalsegments are at the heart of enabling continuous
mining, as they can be assembledpiece by piece instead of ring by ring.
(05:53):
In addition to that, every concretesegment is the same dimension, drastically
reducing cost and complexity. Thus,while the main machine continues drilling, the
lining is assembled piece by piece simultaneously. And all of this is great news
if the boring company intends to buildlots and lots of tunnels at a very
quick pace. The downside well,Hexagonal segments need to be thicker and stronger
(06:17):
as they tend to bear more loadthan individual trapezoidal segments, and slippage at
the joints can sometimes cause water ingress, which is costly to remedy. But
with the advantages far outweighing the disadvantages, this is the clear future for tunneling.
The next title is bass Drop Update. Over in Bastrop, Texas,
(06:39):
things are moving at a rapid pacefor the boring company. Construction on the
SpaceX and adjacent boring company properties areconstant, and the next generation of the
tunnel boring machine, the Proofrock three, is undergoing testing. In addition to
this, a housing complex for theemployees is also in the works. Unfortunately,
this speed is coming at an environmentalcost, making local residents and regulators
(07:02):
concerned. The Texas Commission on EnvironmentQuality has already hit the property with several
violations over poor erosion control. BastropCounty issued another violation over unauthorized wastewater holding
tanks, and regulators say they areconstantly hounded by staff and consultants to expedite
and approve permit applications that are incompleteor not in compliance. The boring Company's
(07:27):
favorite neighbor, Chap Ambrose, continuesto hold them to account, regularly posting
updates on x and his website keepBasstrop boring dot com. To be clear,
he isn't a hater. As acomputer programmer, he loves the technology
Elon has brought to the world.Ambrose is on the waitlist for the Tesla
cybertruck and a current Starlink Internet customer, but two years after the boring Company
(07:49):
moved in, he still thinks theyare ignoring safety and environmental regulations and trying
to get away with it. Herecently posted a video of how daily delivers
still block private homes and cause traffichazards, and he's also reported that the
company has received four more environmental violations, taking the total to fourteen. The
(08:11):
boring company's current application to build theirown wastewater plant to discharge one hundred and
forty three thousand gallons of treated waterinto the Colorado River is still pending approval,
with delays likely caused due to theirrepeated violations of the Clean Water Act.
So will the Boring Company clean upits act in bass Drop or will
it turn into its Achilles Heel?Only time will tell, but with Texas
(08:35):
shaping up to be a big hubfor all of Elon's companies, we hope
things work out for the better forthe environment and for technology. Now,
before we sign off, we learnsomething recently thanks to a freedom of information
request in Texas that could provide aninsight into things to come. Way back
in September twenty twenty one, mentrocapitalist Joe Lonsdale got on the phone with
(08:58):
Austin's then mayor, Steve Addas topitch a project to build an underground transit
system very similar to the one wenow see in Las Vegas. An investor
in the boring company himself, Lonsdaleexchanged emails with the mayor with a detailed
pitch deck. He proposed two phasesfor the project. The first would be
a thirty four mile tunnel with eightstations, connecting Austin's International Airport and Q
(09:22):
two Stadium to the downtown core.Phase two would add another two hundred and
seventy eight miles into the surrounding suburbswith thirty seven additional stations. Phase one
would cost three hundred and four milliondollars, while Phase two would come in
at two point three billion dollars.In order to sweeten the pot and just
(09:43):
to demonstrate proof of concept, Lonsdalesuggested starting really small. He and some
of his friends would pay for aone mile tunnel that would connect their lands
and properties around town. It wouldcost six to seven million dollars, but
it could spark intro from city leadershipto go ahead with a citywide tunnel system
built by the Boring Company in partnershipwith the city. Mayor. Adler dutifully
(10:09):
passed the proposal onto city staff,but they ultimately did not pursue it.
While this happened a few years back, we think it is indicative of the
path we might see going forward withthe adoption of the Boring Company's solution to
transit and traffic. While government andcity officials tend to exercise caution and are
usually restricted by regulations, wealthy venturecapitalists and investment firms might see this as
(10:33):
the next big business opportunity. Theycan push for initially expensive projects and provide
proof of concept before officials deem itworthy of investing for an entire city.
With regards to this, the boringcompany's project in Las Vegas seems even more
important. If it proves to bea resounding success, it might just create
(10:54):
a domino effect, with everyone racingto get their own transit system. At
that point point, the only hindrancewill be whether the boring company can bore
fast enough.
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