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Founded in 2017, The Boring Company, the tunnel construction startup founded by Elon Musk, has raised USD 3 billion in a Series D funding round, valuing the company at USD 23 billion.
The round was led by the United Arab Emirates and affiliated investment entities. Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital also participated.
The funding will support the company’s partnership to develop more than 150 kilometers of underground infrastructure in the UAE. The expansion builds on its Dubai Loop project.
The company also plans to increase hiring across engineering, production and operations and expand its Loop projects in Las Vegas, Nashville and Dubai.
In 2025, The Boring Company and Dubai’s Roads and Transport Authority signed a preliminary agreement for the Dubai Loop, an underground high-speed transport network.
The latest round increases the company’s valuation from USD 5.7 billion in 2022, when it raised USD 675 million.
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