The Boring Company raises $3B Series D led by UAE

Elon Musk’s tunneling company, The Boring Company, raised a $3 billion Series D funding round. The round pushes the company’s valuation to $23 billion, according to the TechCrunch report. The financing was led by the United Arab Emirates.

The Boring Company said it plans to dig more than 150 kilometers of tunnels in the Middle Eastern country. The scale of that plan makes the UAE a key focus for the company’s next phase, based on the details provided. Readers should watch for project timelines, route details, and how the tunnel network will be deployed.

Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners also participated in the Series D round. The company had previously been reported by The Wall Street Journal to be seeking as much as $4 billion. The final announced round came in at $3 billion.

The Boring Company has done most of its digging so far in Las Vegas, Nevada, where it operates tunnels connecting hotel casinos and the convention center. It recently started work on a Nashville, Tennessee project that will involve a 10-mile underground “loop.” The company has stated its goal is to “solve traffic” by moving vehicle travel into an underground, three-dimensional network of tunnels.