Musk's Boring Company Attracts $3 Billion in Middle Eastern Capital

Musk's Boring Company Attracts $3 Billion in Middle Eastern Capital

Elon Musk's tunnel excavation company, The Boring Company, has attracted a Series D investment round worth $3 billion, as reported by US economic broadcaster CNBC and others on the 10th (local time).

In this investment round, the company was valued at $23 billion.

The Boring Company stated, "The United Arab Emirates (UAE) led this investment round, and we now plan to excavate tunnels over 150km long in the UAE."

The Boring Company also stated, "Over the past two years, the company has grown to manage tunnel excavation programs in multiple cities. While pursuing faster machine designs, we are simultaneously working on our first hard rock project, our first international construction contract, and a large-scale expansion of the Las Vegas Loop." The company has so far conducted most of its excavation work in Las Vegas. It operates several tunnels connecting hotel casinos and convention centers.

Recently, it embarked on a 10-mile underground 'loop' project in Nashville, Tennessee.

The Boring Company, founded within SpaceX in 2017 and spun off a year later, aims to "revolutionize transportation" by building underground circular routes with stations where passengers can get on and off.