Elon Musk’s The Boring Company plans 150km of tunnels in UAE, raises $3 billion

Elon Musk's tunneling startup, The Boring Company, has secured $3 billion in fresh funding led by UAE-based entities, valuing the company at $23 billion. The injection of capital will assist in the deployment of extensive underground transport infrastructure throughout the UAE, encompassing over 150 kilometers of tunnels, as per Boring Co.'s statement.

The company elaborated that this strategic investment, following their fruitful collaboration on the Dubai Loop project, will expedite the expansion of mass underground infrastructure across the UAE. Since 2021, The Boring Company's Loop system has transported more than four million passengers in Las Vegas, and the company is advancing projects across several markets globally.

Shamal Holding, a Dubai-based global investment company, confirmed its involvement in the Series D funding round, though specifics of the investment were not disclosed. Other investors in the funding round included Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital, alongside existing backers.

This significant move comes in addition to the Dubai Loop project, which Boring Co. had previously undertaken. The funding, despite the company's limited progress over the past decade in realizing its ambitious futuristic hyperloop vision, underscores investor confidence in Musk's ventures. The funding round's success, despite Musk's unconventional requests, highlights the enthusiasm of investors in backing innovative technologies.

With Musk's previous success in commercializing groundbreaking technologies through Tesla Inc. and SpaceX, the Boring Company continues to push forward with its ambitious underground transport projects.