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Elon Musk’s Boring Company meets opposition over Las Vegas tunnel bid
The Boring Company’s planned 2-mile Las Vegas tunnel is seeing some opposition, with some members of the city’s Convention and Visitors Authority (LVCVA) expressing their reservations about the tunneling startup’s capability to deliver on the project.
Las Vegas Convention and Visitors Authority CEO Steve Hill has stated that a contract has been negotiated with The Boring Company to build a transport tunnel that could move people around the Las Vegas Convention Center. The cost of the project is estimated to be $52.5 million, far less than the cost of a conventional above-ground transit system. In the event that The Boring Company does not receive a certificate of occupancy for the tunnel system, the LVCVA will get back its entire investment.
While the Boring Company’s deal appears to be a cost-effective proposal that carries little financial risk to the LVCVA, some board members have expressed their reservations for the project nonetheless. Board members Michele Fiore and Carolyn Goodman, for one, recently spoke in favor of an alternative proposal from Austria-based Doppelmayr Garaventa Group, which involves the construction of an above-ground transit system.
This Monday, Goodman sent an email to her fellow board members urging them to support the proposal from the Austria-based company, according to a report from the Las Vegas Sun. In her message, Goodman cited Doppelmayr’s experience in the transport industry, comparing it favorably against The Boring Company’s inexperience.
“Doppelmayr has been in existence for 125 years. They already have projects here that are operating successfully. The Boring Co. is three years old and has yet to deliver a final package on anything. (The tourism and convention business) is a $60 billion industry that every part of this state relies on for dollars. This is really about deliverability — we can’t fail on this,” she wrote.
Doppelmayr’s initial proposal to the LVCVA involved the creation of an above-ground transit system that would cost an estimated $215 million to complete. In her letter to the LVCVA’s board, Goodman argued that the Austria-based company would have been able to build a transport system for as little as $85 million. The board member even invited Doppelmayr CEO Markus Schrentewein to give a presentation at a board meeting on Tuesday.
“During the bidding process, if we would have been given the chance to present and explain in more detail our proposal, I believe we would have come up with a more favorable project for the LVCVA campus,” the Doppelmayr CEO said.
Michele Fiore, who also works as a councilwoman in Las Vegas, also expressed her reservations over the Boring Company’s proposal. In a statement to local media, Fiore echoed Goodman’s sentiments about the Austria-based company’s experience. “The risk of the Boring Co. is quite high, while the risk with Doppelmayr is quite low. How do we justify not really looking at Doppelmayr as a solid and proven company? I’m not so sure the Boring Co. is the company to do this job,” she said.
Hill, for his part, noted that The Boring Company’s proposal was initially selected due to cost, timing, and scalability. At $52.5 million, the tunneling startup’s plan is cost-effective, and the project could be completed while the campuses’ expansion work is ongoing. The Boring Company’s transport tunnel could also be expanded to other areas of Las Vegas in the future. “It’s significantly less expensive than any of the alternatives that we reviewed. Frankly, for the funding capacity of the LVCVA, this is the system that we could go forward with. We’re going to bring a contract next week that will eliminate all financial risk from the LVCVA,” Hill said.
In a previous statement, Boring Company President Steve Davis described the Las Vegas project as an opportunity for both the tunneling startup and the city. “People will be excited. They will ride it, and if they like it, we’ll probably get more interest. Nevada looks for a responsible way to say yes. We think it offers a lot of opportunity. I think others see that as well. And we will put in that work to see if it’s the right choice for Las Vegas,” he said.
A Las Vegas Convention and Visitors Authority spokesperson has noted that the board will vote on the Boring Company’s proposal on May 22, when the board meets for a budget hearing.
Renowned investor Ron Baron, founder and CEO of Baron Capital, has once again demonstrated his unwavering faith in Elon Musk’s ventures.
Just after SpaceX’s record-breaking IPO, Baron announced he purchased an additional $1 billion in SpaceX (NASDAQ: SPCX) shares. This move pushes Baron Capital’s total holdings in the company to a staggering $25 billion in market value, underscoring one of the most successful private-to-public investment stories in recent history.
Baron’s relationship with SpaceX dates back to 2017, when his firm began investing approximately $1.75–2 billion through secondary markets and employee tender offers at valuations around $20–22 billion.
By the time of the IPO, which valued SpaceX at over $2 trillion with shares closing near $161, those early stakes had generated more than $13 billion in unrealized gains. Post-IPO, Baron’s position ballooned further, reflecting the company’s meteoric rise driven by reusable rocketry, Starlink’s global satellite internet constellation, Starshield defense applications, and ambitious plans for orbital infrastructure.
In a recent interview, Baron articulated his bullish outlook with characteristic enthusiasm.
Ron Baron said today that he bought $1 billion of @SpaceX IPO shares last Friday, and said that all of Baron Capital’s $SPCX holdings are now worth $25 billion.
“I think we’re going to make hundreds of billions of dollars; If you read the prospectus, you realize what they… pic.twitter.com/U8F471KtJS
— Sawyer Merritt (@SawyerMerritt) June 15, 2026
“I think we’re going to make hundreds of billions of dollars,” he stated, emphasizing that SpaceX’s achievements in rocketry and satellite technology are “not possible for anyone else to accomplish.” He envisions the company as a cornerstone of humanity’s multi-planetary future, potentially reaching valuations of $10–30 trillion within 10–15 years.
Baron has repeatedly affirmed he has no plans to sell, viewing SpaceX as a “lifetime investment” alongside Tesla.
Tesla bull Ron Baron reveals $100M SpaceX investment, sees 3-5x return on TSLA
This conviction stems from SpaceX’s unparalleled execution. The company has revolutionized access to space with Falcon 9 reusability, deployed thousands of Starlink satellites, and is advancing Starship for Mars missions and point-to-point Earth transport.
Baron highlights emerging opportunities like space-based AI data centers and direct-to-cell satellite connectivity, positioning SpaceX at the forefront of a new space economy projected to generate trillions in value.
Critics may question the lofty projections amid high valuations and execution risks, but Baron’s track record speaks volumes. His Tesla holdings, initiated in the mid-2010s, have also delivered outsized returns. As one of the largest institutional holders of SpaceX pre-IPO, Baron Capital’s funds, such as Baron Partners, benefited immensely from valuation markups.
Baron’s $1 billion IPO purchase signals deep confidence in SpaceX’s post-IPO trajectory. In an era of short-term market noise, his strategy exemplifies patient capital: backing visionary leadership and transformative technology.
For investors watching the space sector, it serves as a powerful endorsement that the final frontier may indeed yield the next great wealth-creation engine. As Baron puts it, SpaceX isn’t just building rockets—it’s trying to “save humanity” by expanding our horizons beyond Earth.
SpaceX and Tesla, the two flagship companies under Elon Musk’s leadership, share a commitment to groundbreaking technology yet pursue dramatically different paths in how they connect with customers.
Tesla has built its brand through a philosophy of minimal traditional advertising, trusting that exceptional products will generate their own momentum.
SpaceX, by contrast, has embraced high-visibility paid advertising for its Starlink satellite internet service, placing prominent spots during major live sporting events such as the Super Bowl and the recent UFC Freedom 250. This divergence highlights how each company tailors its marketing to the unique demands of its products and target markets.
Tesla’s approach stems directly from Musk’s long-held conviction that superior engineering sells itself. Musk has repeatedly explained that the company redirects resources into research and development rather than endorsements or television commercials.
Tesla’s growth has relied instead on organic channels: enthusiastic owner referrals, viral product reveals like the Cybertruck, extensive media coverage of launches and achievements, and the sheer visibility of its vehicles on roads everywhere.
Even as the company has tested more social media promotions in response to fluctuating demand, its overall strategy remains restrained and digital-focused compared to legacy automakers that pour hundreds of millions into marketing annually.
SpaceX has taken a more assertive route with Starlink to drive widespread consumer awareness. In February of this year, SpaceX aired its first-ever Super Bowl advertisement, marking the initial time any Musk-led enterprise invested in the massive event.
The thirty-second spot emphasized fast and affordable internet available nearly anywhere on the planet, blending inspiring footage of Falcon 9 and Starship landings with narration drawn from science fiction visionary Arthur C. Clarke. United Airlines complemented this with its own Super Bowl commercial showcasing Starlink-enabled high-speed Wi-Fi on flights.
🚨 Starlink Super Bowl ad! https://t.co/pEdH1KevBj pic.twitter.com/01onakkoqX
— TESLARATI (@Teslarati) February 9, 2026
But that is not all SpaceX has done to get word out about its internet service.
Just last night, Starlink branding appeared prominently on the octagon and during the broadcast of UFC Freedom 250, the high-profile event staged on the White House South Lawn. These placements represent a strategic investment in reaching massive, engaged audiences.
🚨 Starlink ads have appeared on the UFC Freedom 250 broadcast on Paramount+ pic.twitter.com/VPAAhDR6LI
— TESLARATI (@Teslarati) June 15, 2026
The rationale behind SpaceX’s advertising push lies in Starlink’s distinct position as a consumer broadband service. Unlike Tesla’s visually striking cars that act as mobile billboards for early-adopter enthusiasts, Starlink must overcome awareness gaps in rural, remote, and mobile markets where traditional internet infrastructure falls short.
Starlink now serves as SpaceX’s leading revenue generator, with ambitions tied to future growth and potential public offerings. Targeted advertising during sports broadcasts efficiently demonstrates real-world reliability for applications ranging from home connectivity to aviation and live event broadcasting.
Partnerships with airlines and mobile providers further extend its reach, while high-profile placements help convert curiosity into subscriptions amid competition and regulatory considerations.
Ultimately, these contrasting strategies reflect the different maturity levels and competitive landscapes each business navigates. Tesla benefits from built-in visibility and a passionate community that amplifies its message at little cost.
Starlink, operating in the more fragmented broadband sector, requires deliberate efforts to educate and attract mainstream users. By leveraging the spectacle of major sporting events where Tesla once declined to participate, SpaceX is accelerating Starlink toward global ubiquity.
This flexibility underscores a key lesson: even the most innovative companies must adapt their tactics to the practical realities of their markets and customer acquisition challenges.
Elon Musk
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
SpaceX priced its historic IPO at $135 per share today, raising a record $75 billion.
SpaceX officially priced its initial public offering at $135 per share, offering 555,555,555 shares of Class A common stock and raising $75 billion in what is the largest IPO in stock market history. Shares are set to begin trading on the Nasdaq Global Select Market on Friday, June 12, under the ticker symbol SPCX. The previous record holder was Saudi Aramco’s 2019 offering at $29 billion, followed by Alibaba’s $22 billion offering in 2014.
At $135 per share and roughly 555.6 million shares, the implied valuation sits near $1.75 trillion, which would make SpaceX roughly the seventh largest company in the United States, just above Tesla’s current market cap. Regular investors can request shares at the IPO price through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, though the deal is heavily oversubscribed and most retail allocations will be partial or unfilled. Once trading opens June 12, anyone with a brokerage account can buy SPCX on the open market.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
The valuation is anchored primarily by Starlink. Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month, with the connectivity segment already posting a $1.19 billion profit last quarter. The offering also bundles in xAI following SpaceX’s all-stock merger earlier this year, adding Grok and the Colossus supercomputer to the investment thesis. As Teslarati reported, Starlink ended 2025 with $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
Wedbush analyst Dan Ives has been vocal in his support. “I think the time is right,” Ives said, adding that the offering expands the Elon Musk ecosystem rather than competing with Tesla. An average 12-month price target of $165 per share represents roughly 22% upside from the IPO price. Not everyone agrees – Motley Fool noted xAI is spending $1 billion per month playing catch-up to OpenAI and Anthropic.
Musk founded SpaceX in 2002 with a single stated purpose. “Elon founded SpaceX with a goal to change humanity, to make us a multi-planet species,” CFO Bret Johnsen said in the company’s retail roadshow video this week. Musk himself has been more direct: “We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
Musk’s biggest bettor Ron Baron reveals massive SpaceX IPO bet
SpaceX maintains bold advertising push for Starlink, contrasting Tesla’s minimalistic approach
