The Boring Company Raises $3 Billion at $23 Billion Valuation

The Boring Company, the tunnel construction startup founded by billionaire Elon Musk, has raised $3 billion in a new funding round that values the company at $23 billion, according to a statement released Wednesday. The round was led by the United Arab Emirates and affiliated investment entities, with participation from Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital.

The funds will support an expanded partnership to develop more than 150 km (93 miles) of underground infrastructure across the UAE, building on the company’s previously announced Dubai Loop project. The Boring Company also plans to increase hiring across engineering, production and operations while expanding its Loop projects in Las Vegas, Nashville and Dubai. Last year, the company and Dubai’s Roads and Transport Authority signed a preliminary agreement to develop the Dubai Loop, an underground high-speed transportation network.

The latest fundraising represents a sharp rise in valuation from 2022, when The Boring Company was valued at $5.7 billion following a $675 million funding round. Musk founded the company in 2017 after criticizing traffic congestion and envisioning underground transportation routes as a way to ease urban gridlock.

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