The Boring Company raises $3 billion for tunnel project development
In the United Arab Emirates, The Boring Company, founded by Elon Musk, announced that it had raised $3 billion in a Series D funding round. Following the round, the company is valued at $23 billion, InsideEVs reports.
Investments and plans in the UAE
The UAE led the funding round, which also included Valor Equity Partners, Sequoia Capital, and A16Z. The Boring Company said it plans to build at least 150 kilometers of underground infrastructure in the UAE in addition to the existing transport project in Dubai.
The company plans to use the funds raised to significantly expand its workforce in engineering, operations, and manufacturing. The funding is also intended for the construction and scaling of Loop projects, including the Vegas Loop, the Music City Loop in Nashville, and the Dubai Loop, as well as for research and development of Prufrock and other future products.
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Loop projects
The Boring Company's largest project at present is the Las Vegas Loop, a tunnel system in which Tesla vehicles connect hotels and other locations on the Las Vegas Strip. According to the company, it recently added the Cybertruck to the fleet of this system and began operating a limited number of trips to Las Vegas airport.
The company plans to expand the Las Vegas Loop, including by building a separate connection to the airport. The Boring Company is also working on a similar system in Nashville and intends to begin construction of the Dubai Loop later in 2026. According to the company, it recently began excavating its 25th tunnel; 14 of them are located in Las Vegas.
