Musk's Boring Company raises $3 billion at $23 billion valuation

Key facts

• The Boring Company raised $3 billion in a Series D funding round.
• The company's valuation is now $23 billion.
• The funding round was led by United Arab Emirates entities.
• The Boring Company plans to build over 150 kilometers of tunnels in the UAE.
• The Boring Company was founded by Elon Musk in 2016.

Elon Musk’s tunneling startup, The Boring Company, announced on Thursday that it has raised $3 billion in a Series D funding round, valuing the company at $23 billion. The investment was led by entities from the United Arab Emirates, with participation from firms including Sequoia Capital, Andreessen Horowitz, Human Capital, Vy Capital, and Valor Equity Partners.

The funds will support an expanded partnership with the UAE to develop over 150 kilometers of underground infrastructure, building on existing projects like the Vegas Loop beneath the Las Vegas Convention Center. The company also plans to use the capital to increase hiring and expand its Loop projects in Las Vegas, Nashville, and Dubai.

Founded by Musk in 2016, The Boring Company aims to alleviate traffic congestion by building underground transportation networks. The company previously explored raising as much as $4 billion, according to The Wall Street Journal. Its existing projects include tunnels connecting hotel casinos and the convention center in Las Vegas and a 10-mile "loop" project in Nashville, Tennessee.