Elon Musk said The Boring Company plans to develop an intercity tunnel linking Austin and San Antonio as a simplified precursor to his Hyperloop concept. The roughly 80-mile route would target speeds above 200 miles per hour and reduce congested travel times of up to 2.5 hours to less than 30 minutes. The company endorsed the idea, but no route, cost, financing, vehicle technology, government partners or completion date was disclosed. The proposal follows a $3 billion funding round led by the United Arab Emirates at a $23 billion valuation, while several earlier Boring Company projects have not materialized. The company operates an underground transit system in Las Vegas, but an intercity Texas route would require substantially greater regulatory, safety and land-use approvals and would overlap with a planned passenger rail project.