Boring Company raises $3 billion at $23 billion valuation

The Boring Company, Elon Musk's tunnel construction venture, has raised $3 billion in a Series D funding round led by the United Arab Emirates and affiliated investment entities, valuing the company at $23 billion. The figure marks a sharp rise from the company's 2022 valuation of about $5.7 billion, when it raised $675 million. The company announced the round on September 9, and Musk confirmed it publicly on September 10. Alongside the UAE, the investor list includes Sequoia Capital, Andreessen Horowitz, Temasek, Vy Capital, Human Capital, Valor Equity Partners, Shamal Holding, and Baron Capital. The Wall Street Journal had reported in July that the company was seeking to raise as much as $4 billion. The proceeds are earmarked for hiring across engineering, operations, and production, for scaling Loop projects in Las Vegas, Nashville, and Dubai, and for further development of the company's Prufrock tunnel-boring machines. The centerpiece of the deal is a commitment to build more than 150 kilometers of tunnel across the UAE, on top of the Dubai Loop contract already signed with the emirate's Roads and Transport Authority. That pilot covers 6.