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Here is my theory... every business Musk is involved with has dual purpose on Mars. He has said several times a successful colony on Mars is his primary goal for everything he does. All these businesses are meant to fund or advance the goal of a Mars colony.
He's never said this, but I'm thinking his idea with the boring company is to develop boring technology to send to Mars.
It would be much safer to have underground habits on Mars rather than above ground. Send boring machines, dig some tunnels, set up pressurized Kevlar fabric shelters in the tunnels for temporary habits.
Eventually, the tunnels could be pressurized using some sort of Mars cement and exterior door systems.
By doing this, it means you are using resources on Mars allowing you to make much larger habits than if you have to send all the pieces to build it.
Digging underground is the easiest way, gets you out of the radiation, storms, gives you easier temperature control and requires minimal actual labor to construct.
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