Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk generated headlines last year when he announced in a tweet that he would sell almost all his physical possessions and would not own a house. Musk reportedly followed through with that plan and moved into a tiny house in Texas after disposing of all of his mansions.
Recent rumors suggested that Musk’s primary residence was a prefab house manufactured by Boxabl. It turns out, however, that the $50,000 foldable house is actually being used as a guest house.
What is Boxabl?
Boxabl is a rapidly growing startup that has gained popularity partially thanks to Elon Musk but also because of the growing demand for tiny homes and a housing affordability crisis with no end in sight.
The company’s flagship product is the Boxabl Casita, a 20-foot by 20-foot accessory dwelling unit that can be delivered directly to a customer’s backyard and ready to occupy in an hour. The unit is fitted out as a studio apartment with a full-size kitchen, bathroom, and living room and is expected to sell for $50,000.
The company recently completed a $9.2 million order for the U.S. government and has a waitlist of over 120,000 units. To fulfill the current demand, Boxabl is raising capital from institutional and retail investors to build the world’s largest and most advanced housing factory.
Boxabl received a strategic investment from D.R. Horton Inc. (NYSE: DHI), who agreed to share resources to help the company scale and placed an order for 100 units. The company is also raising capital on StartEngine through a Regulation A+ offering, which allows non-accredited investors to buy preferred shares with a $1,000 minimum investment.
The current crowdfunding campaign for Boxabl on StartEngine has already exceeded $24 million in addition to over $55 million that was previously raised.