The Boring Company, Elon Musk’s infrastructure startup focused on tunnel construction, announced it has raised $3 billion in a Series D funding round. The investment was led by the United Arab Emirates, with participation from Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners. This latest round values the company at $23 billion.
The company revealed plans to construct over 150 kilometers of tunnels in the UAE, marking a major expansion beyond its existing projects in the United States. Currently, The Boring Company operates several tunnels in Las Vegas that connect hotel casinos and the convention center. It has also begun work on a 10-mile underground loop in Nashville, Tennessee.
The Boring Company aims to address urban traffic congestion by developing an underground network for vehicle travel, creating a three-dimensional transit system beneath cities. The new funding and international partnership indicate a strategic push to scale this vision globally.