The Boring Company Raises $3B at $23B Valuation in UAE-Led Round

Elon Musk’s tunnelling startup, The Boring Company, has raised $3 billion in a Series D funding round that values the company at $23 billion.

The UAE-led round also included Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valourr Equity Partners. The new capital gives The Boring Company additional resources to expand its underground transportation projects beyond the United States.

The company said it plans to build more than 150 kilometres of tunnels in the United Arab Emirates, making the country a significant part of its next phase of development.

The Boring Company expands beyond Las Vegas

Most of The Boring Company’s operational tunnelling work to date has been concentrated in Las Vegas, where its underground transportation system connects parts of the Las Vegas Convention Centre with several nearby hotel and casino destinations.

The company has also begun work in Nashville, Tennessee, on a proposed 10-mile underground transportation loop. The project represents another step toward expanding the company’s tunnel network into additional U.S. cities.

The Boring Company says its broader goal is to reduce traffic congestion by moving vehicle transportation into networks of underground tunnels, creating additional layers of transportation capacity beneath existing roads.

The latest financing follows reports earlier this year that the company was seeking as much as $4 billion in new capital. The completed $3 billion round now values The Boring Company at $23 billion as it prepares for a substantial buildout in the UAE.