The Boring Company is the latest Elon Musk-owned entity to move forward with another funding round. The Boring Company announced this week it secured $3 billion in funding at an estimated $23 billion valuation.
The United Arab Emirates and affiliated investment entities led the round, with proceeds to develop more than 150 km (93 miles) of underground infrastructure in the country, including the previously announced Dubai Loop.
The Boring Company will also use some of the funding to hire more engineers, product, and operations staff to support its growing list of Loop projects in Nashville, Dubai, and Vegas.
The Boring Company signed a preliminary agreement with Dubai’s Roads and Transport Authority last year to build the Dubai Loop. So, this investment should mean significant construction is on the horizon for the planned 22 km route connecting the Dubai World Trade Centre to Business Bay.
An initial 6.4 km stretch will link Dubai Mall with the Dubai International Financial Centre.
In addition to the UAE and their investment entities, Human Capital, Vy Capital, Sequoia Capital, Valour Equity Partners, Baron Capital, Shamal Holding, Andreessen Horowitz and Temasek also participated in this funding round.
The company was last valued in 2022, when The Boring Company raised $675 million in a funding round that valued it at $5.7 billion.
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