Elon Musk's Boring Company Raises $3 Billion at $23 Billion Valuation, Plans Over 93 Miles of UAE Tunnels

Billionaire Elon Musk ‘s tunneling company, The Boring Co. , announced on Wednesday that it had raised $3 billion in its latest funding round , touting a partnership to build underground tunnels in the United Arab Emirates (UAE).

In an official statement, the company announced that it had secured $3 billion in funding led by the UAE and its “affiliated investment entities,” bringing the company’s total valuation to $23 billion. The company said the expanded UAE partnership could eventually involve more than 150 km (93 miles) of underground infrastructure, building on its previously announced Dubai Loop project .