The Boring Company has raised $3 billion in new funding at a $23 billion valuation as Elon Musk’s tunnel construction company expands underground transportation projects in the United Arab Emirates, Las Vegas, Nashville and Dubai. The financing was led by the United Arab Emirates and affiliated investment entities. Other participants included Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital, according to Reuters.
The new capital will support an expanded partnership to develop more than 150 kilometers, or approximately 93 miles, of underground infrastructure across the UAE.
That work builds on The Boring Company’s previously announced Dubai Loop project, an underground high-speed transportation network being developed with Dubai’s Roads and Transport Authority.
The company also plans to use the funding to expand hiring across engineering, production and operations while accelerating Loop projects in Las Vegas, Nashville and Dubai.
The financing represents a substantial increase in The Boring Company’s valuation. The company was valued at $5.7 billion following a $675 million funding round in 2022, meaning its latest $23 billion valuation is approximately four times higher.
Founded by Musk in 2017, The Boring Company is developing networks of underground transportation tunnels designed to reduce surface-level traffic congestion.
Its Loop concept uses tunnels to move passengers underground while seeking to reduce the cost and complexity traditionally associated with large-scale tunneling projects.
