- Elon Musk's Boring Company announced a $3 billion Series D funding round on Wednesday.
- It brings the company's valuation to $23 billion.
- The round was led by the United Arab Emirates, where The Boring Company says it plans to dig at least 150 kilometers of tunnels.
The fund was led by the United Arab Emirates, with participation from Valor Equity Partners, Sequoia Capital, and A16Z. Elon Musk's tunneling venture also said Wednesday that it plans to dig at least 150 kilometers of "underground infrastructure" in the UAE, on top of an existing transit project in Dubai.
"The funds from the round will be used to significantly increase hiring across engineering, operations, and production, to build and scale Loop projects, including Vegas Loop, Music City Loop in Nashville, Dubai Loop, and others, in addition to accelerating the research and development of Prufrock and future products," the company said.
Musk founded the company about a decade ago with a stated goal to "solve traffic. " "Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic," Musk said in Wednesday's press release.
So far, its biggest project to is the Las Vegas Loop, an underground system of Teslas in tunnels that connects various hotels and other destinations on the Las Vegas Strip. The company recently added Cybertrucks to its fleet there and began limited rides to the Vegas airport, it said Wednesday. The Boring Company plans to build out the network, including a dedicated airport connector.
It said it is working on a similar system in Nashville and plans to start construction on the Dubai Loop later in 2026. It also said on Wednesday that it recently began digging its 25th tunnel, which is its 14th in Las Vegas.
Some of Musk's more ambitious tunneling projects haven't materialized, however. He in 2017 that he had "verbal approval" to construct a high-speed "hyperloop" that would allow for 29 minute trips between Washington, DC, and New York City. The vision for the Las Vegas Loop has been for the vehicles to be autonomous. So far, the company says it has "demonstrated Full Self-Driving trips on some segments. "
Contact the author: