● Covered by 2 sources · 2 reportsMedium impact2 neutral
The Boring Company raises $3B Series D, led by UAE, valuing company at $23B
Key points
- The Boring Company raised $3 billion in Series D funding.
- The round was led by the United Arab Emirates.
- The company's valuation is now $23 billion.
- Plans include digging over 150 km of tunnels in the UAE.
- The Boring Company was created inside SpaceX in 2017.
- The Boring Company spun out of SpaceX in 2018.
- The Las Vegas Convention Center (LVCC) Loop is The Boring Company's only public loop.
- The Boring Company reached a deal to build 20 miles of tunnels in Nashville, Tennessee.
- The Nashville project is dubbed the Music City Loop.
- The Boring Company broke ground in Nashville in February.
Funding Round Details
The Boring Company, founded by Elon Musk, has completed a Series D funding round, raising $3 billion. This investment pushes the company's valuation to $23 billion.
The funding round was led by the United Arab Emirates. Other participants included Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners.
Expansion and Future Projects
Following this new funding, The Boring Company announced plans to construct more than 150 kilometers of tunnels within the United Arab Emirates. This marks a significant international expansion for the company.
The company's stated goal is to alleviate traffic congestion by developing an underground, three-dimensional network of tunnels for vehicle travel.
Current Operations and Development
To date, The Boring Company's primary operations have been in Las Vegas, Nevada, where it manages tunnels connecting hotel casinos and the convention center. The company recently initiated work on a new project in Nashville, Tennessee, which involves a 10-mile underground loop.
Updates
- The Boring Company was created inside SpaceX in 2017.
- The Boring Company spun out of SpaceX in 2018.
- The Las Vegas Convention Center (LVCC) Loop is The Boring Company's only public loop.
- The Boring Company reached a deal to build 20 miles of tunnels in Nashville, Tennessee.
- The Nashville project is dubbed the Music City Loop.
- The Boring Company broke ground in Nashville in February.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
The daily brief
One email each morning: the day's tech stories, clustered across outlets and summarized. No account needed.
One email a day. Unsubscribe in one click, any time.
Today's brief
Spend a few minutes, get the whole day. Every topic's top stories in one hands-free rundown — listen, watch, or read the transcript.
▶ Play today's brief
New every morning, and the back catalogue is archived by date.
How outlets covered it
The Boring Co. secured an additional $3 billion in funding, led by the United Arab Emirates, bringing its valuation to $23 billion. This financing supports plans to construct over 150 kilometers of tunnels in the Middle East, including the Dubai Loop.
The Boring Company secured $3 billion in Series D funding, led by the United Arab Emirates, increasing its valuation to $23 billion. This funding will support the company's expansion, including plans to dig over 150 kilometers of tunnels in the UAE and continue existing projects.