Musk’s Tunnel Startup The Boring Company Raises $3 Billion at $23 Billion Valuation
The company will use the money to expand more than 150 km of underground infrastructure across the UAE and add staff in engineering, production and operations.
- On Wednesday, The Boring Company announced a $3 billion funding round led by the United Arab Emirates, valuing the tunnel construction startup at $23 billion.
- Billionaire Elon Musk launched the company in 2017 to solve urban traffic congestion through a network of underground transportation routes.
- The company's valuation has surged from $5.7 billion in 2022, with backing from Sequoia Capital, Andreessen Horowitz, Temasek, and other major investors.
- Capital will fund increased hiring in engineering and production, while the company expands Loop projects in Las Vegas, Nashville, and Dubai.
- Plans include developing more than 93 miles of underground infrastructure across the UAE, building on the previously announced Dubai Loop project.
39 Articles
39 Articles
The Boring Company raises $3 billion in funding, valuing Elon Musk’s tunnel startup at $23 billion - Tech Startups
The Boring Company, Elon Musk’s tunnel startup, has raised $3 billion in a Series D funding round that values the company at $23 billion, giving Musk fresh capital to pursue one of his oldest and most ambitious ideas: moving urban […] The post The Boring Company raises $3 billion in funding, valuing Elon Musk’s tunnel startup at $23 billion first appeared on Tech Startups.
Elon Musk's Boring Company raises $3B at $23B valuation, led by UAE
The Boring Company has closed a $3 billion Series D funding round led by the United Arab Emirates, valuing Elon Musk’s tunneling venture at $23 billion. That’s roughly four times its 2022 valuation of about $5.7 billion. And most of the case for it sits in tunnels the company hasn’t dug yet. more…
Elon Musk's The Boring Company captured $3 billion in a series D financing round, evaluating the company at $23 billion. Exclusive material for subscribers. To have full access, access the link of the material and register.
Coverage Details
Bias Distribution
- 53% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
