The Boring Co. Hits $23 Billion Valuation as UAE-Led Round Brings $3 Billion
Updated
Updated · CNBC · Sep 10
The Boring Co. Hits $23 Billion Valuation as UAE-Led Round Brings $3 Billion
3 articles · Updated · CNBC · Sep 10
Summary
$3 billion in new financing led by the United Arab Emirates lifted Elon Musk's The Boring Co. to a $23 billion valuation, funding a global expansion push.
More than 150 kilometers of planned tunnels in the UAE anchor that push, alongside work in Las Vegas and Nashville and the previously announced Dubai Loop.
Las Vegas remains the company's only public passenger system today, though it recently won approval for a University of Nevada Las Vegas station and is pursuing airport and stadium extensions.
The fundraising comes despite a mixed execution record: projects in Los Angeles, Chicago and the Washington area fizzled, and Nashville has drawn local opposition.
Environmental and workplace violations in Las Vegas and Texas have also clouded the outlook, even as Boring pitches itself as a growing multi-city tunneling program tied closely to Tesla.