Elon Musk's tunnel startup raises $3 billion at $23 billion valuation

The Boring Company, a tunnel construction startup founded by billionaire Elon Musk, has raised $3 billion in a new funding round that values it at $23 billion, according to ‌a statement ⁠on ⁠Wednesday.

Here are some details:

* The funding round was ​led by the United Arab Emirates and affiliated investment entities.


* Other ​participants included Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding ​and Baron Capital.

* Proceeds ⁠would support ‌an expanded partnership to develop more ​than 150 ​km (93 miles) of underground infrastructure ⁠across the UAE, building on its previously announced ​Dubai Loop project.

* The Boring Company also plans to use the funds to increase hiring across engineering, production and operations while expanding Loop projects in Las Vegas, Nashville and Dubai.

* Last year, the company and Dubai's ‌Roads and Transport Authority signed a preliminary agreement to build the Dubai Loop, an underground high-speed transport ⁠network.

* The latest fundraising marks a sharp increase in the company's valuation from 2022, when it was ​valued at $5.7 billion following a $675 million funding round.

* Musk founded The Boring Company in 2017 after complaining about traffic congestion, subsequently proposing a network of underground transportation routes.