Boring Company Raises $3B, Valuation Hits $23B

Elon Musk’s Boring Company has raised $3 billion in a Series D funding round led by the United Arab Emirates and affiliated investment entities, valuing the tunneling startup at $23 billion. The funding will support plans to develop more than 150 kilometers of underground transportation infrastructure across the UAE, expanding on the proposed Dubai Loop project. Investors reportedly include Sequoia Capital, Andreessen Horowitz, Temasek, Human Capital, Vy Capital, Valor Equity Partners, Shamal Holding and Baron Capital. The company also plans to expand Loop projects in Las Vegas and Nashville and increase hiring in engineering, production and operations. The new valuation represents a substantial increase from the company’s $5.7 billion valuation after its 2022 funding round.