Musk’s Boring Company secures $3 billion funding

Elon Musk’s Boring Company has secured $3 billion in fresh funding led by UAE-based entities, valuing the tunnelling startup at $23 billion, according to the company. The funding will support the large-scale deployment of underground transport infrastructure across the UAE, including more than 150 kilometres of tunnels. The company said the investment would accelerate its partnership with the UAE to deploy underground infrastructure, building on its existing Dubai Loop project. Shamal Holding, a Dubai-based global investment company, said the Boring Company’s Loop system has carried more than four million passengers in Las Vegas since 2021. It added that the technology had moved beyond the proof-of-concept stage. Investors in the Series D funding round include Human Capital, Vy Capital, Valour Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding and Baron Capital, alongside existing and new backers. The funding agreement is in addition to the Dubai Loop project previously awarded to the company. The Boring Company has made limited progress over the past decade toward Musk’s vision of underground high-speed transport. Alongside its Las Vegas Loop, the company broke ground this year on a tunnel in Nashville, Tennessee, while continuing work on its Dubai project. The completion of the funding round reflects investor interest in Musk-backed ventures, with Tesla and SpaceX among his other major companies.

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