Boring Co. raises $3B at $23B valuation with UAE lead

The Boring Co. raised $3 billion in a funding round led by the United Arab Emirates, achieving a $23 billion valuation to support its tunnel projects. The financing highlights the company's shift toward Middle East growth while its sole operational loop remains in Las Vegas amid stalled U.S. plans and local opposition.

Source:CNBC Tech

Post

Boring Co. raises $3B at $23B valuation with UAE lead

TL;DRAI · 60 sec read

Elon Musk's Boring Co. has raised $3 billion in a new funding round led by the United Arab Emirates, reaching a $23 billion valuation.

Boring Co. secures $3 billion at $23 billion valuation. The tunneling company announced the round late Wednesday with backing from the UAE and longtime Musk supporters. Investors include Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Singapore's Temasek and Baron Capital.

Boring Co. has announced about a dozen city projects overall but most have not materialized.

The financing will support expansion plans in the Middle East.

The Boring Company Series D funding announcement graphic · The Boring Company

UAE project drives Middle East expansion. Boring Co. plans to build over 150 kilometers of tunnels in the UAE. This includes the Dubai Loop project announced in February of last year.

From The CircuitryThe Feed — live briefs across tech, all day.See what’s happening →

Las Vegas remains the company's only live operation. The LVCC Loop carries passengers in Tesla vehicles between the downtown convention center and various casino resorts. Boring Co. has announced about a dozen city projects overall but most have not materialized.

POST FROM @boringcompany· official company announcement tweet matching the article's funding round details

https://x.com/boringcompany/status/2097916729246810158

Nashville tunnel project advances despite local opposition. In July of last year, Boring Co. reached a deal to build 20 miles of tunnels for the Music City Loop connecting downtown and the airport. The company broke ground earlier this year and recently shared clips of its Prufrock machines digging into limestone geology. A Vanderbilt University survey in March found that most Nashville residents did not want the tunnels.

In Las Vegas, Boring Co. racked up hundreds of environmental violations according to a ProPublica report.

Many prior Boring Co. projects have stalled. The company abandoned tunnel projects in Los Angeles in 2018. Plans in Chicago and the Washington, D.C. area never came to fruition. Earlier this year it ran the Tunnel Vision Challenge promising winners a free one-mile tunnel, but the Baltimore Ravens turned down the offer after initial meetings.

Safety and environmental concerns persist in existing operations. In Las Vegas, Boring Co. racked up hundreds of environmental violations according to a ProPublica report. It has faced additional workplace safety and environmental violations in Texas. Musk has expanded several of his companies in Texas, including the Boring Co.

Why this mattersAI · ~100 words

Tap a lens to see what this story means for you.

Reader-supported

DonateBuy me a coffee →Follow@thecircuitry_ →Follow@thecircuitry.to →

Reader-supported · The Brief

Liked this? The Brief brings you the whole day in tech, verified, every morning. Two minutes, free forever.

HELP US IMPROVE

Reader-supported

The Circuitry is a passion project I've always wanted to build, and I love the work behind it.

Running it costs real money. APIs, hosting, time. To keep improving the site and growing this into something useful for everyone, those costs have to be covered.

Any contribution is appreciated. If not, no pressure. Thanks for reading.

Buy me a coffee

Boring Co Elon Musk Funding UAE

MORE IN TECH

Vendors object to Spirit Airlines selling operational data to Google in bankruptcy

Suppliers including Springshot, International Aero Engines LLC, and IAE International Aero Engines AG have lodged court objections asserting that Spirit Airlines’ bankruptcy sale of operational data to Google may improperly transfer their proprietary intellectual property without notice or approval. The dispute highlights risks that bankruptcy proceedings could enable large technology firms to obtain trade secrets for AI work.

Apple raises prices $100 across every remaining previous-generation iPhone

Apple has raised prices by $100 on the iPhone 16, full iPhone 17 lineup and iPhone Air immediately after unveiling the iPhone Duo and iPhone 18 Pro, according to tipster reports. The move means an affordable iPhone now costs more than it did yesterday.

Apple Launches Its C2 Cellular Modem Alongside iPhone Duo

Apple introduced the C2 modem with the iPhone Duo announcement, promising up to 50% faster uploads, 15% lower power consumption, and mmWave support in the US. Fully integrated with the A20 Pro and iOS 27, the platform uses AI algorithms to strengthen connection reliability in weak signal areas.