The Boring Company raises $3B and reaches $23B valuation
Elon Musk's tunnel startup, The Boring Company, just scored $3 billion in fresh funding, pushing its value up to a massive $23 billion.
The round was led by the United Arab Emirates and affiliated investment entities, and Sequoia Capital and Andreessen Horowitz were among the participants.
The cash will fuel new infrastructure projects and help the company grow even faster.
Funding builds 150+ km UAE loop
A big chunk of this investment is going toward building more than 150km of underground infrastructure in the United Arab Emirates, building on the Dubai Loop project.
The company also plans to increase hiring across engineering, production, and operations while expanding Loop projects in Las Vegas, Nashville, and Dubai.
This marks a huge jump from its $5.7 billion valuation back in 2022, showing people are really buying into Musk's vision for high-speed underground travel.