Elon Musk's tunnel-construction startup The Boring Company has raised $3 billion in a new financing round, valuing the company at $23 billion, the firm said Wednesday.
The round was led by investors affiliated with the United Arab Emirates, which will use the fresh capital to advance construction of more than 150 kilometers of underground infrastructure within the country. The Boring Company and Dubai's transport authority had signed a preliminary agreement last year for the "Dubai Loop" project.
Other investors in the round included Sequoia Capital, Andreessen Horowitz, and Temasek, according to the company.
The latest valuation marks a steep increase for the startup: after a $675 million capital injection in 2022, The Boring Company was valued at $5.7 billion. The current round represents more than a threefold jump in just over four years.
Musk founded The Boring Company in 2017 to address urban traffic congestion through a network of underground transportation routes. Alongside its UAE expansion, the company plans to hire additional staff and extend its tunnel projects in Las Vegas, Nashville, and Dubai.
