Published • loading... • Updated
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.
Insights by Ground AI
Podcasts & Opinions
66 Articles
66 Articles
The Boring Company, which specializes in tunnels, raised $3 billion. ...
·Brussels, Belgium
Read Full Article
(Seoul = Yonhap News) Reporter Seol Won-tae = Elon Musk's tunnel boring company, The Boring Company, has raised $3 billion in a Series D investment round, according to U.S. economic...
·Seoul, Korea (the Republic of)
Read Full Article
Coverage Details
Total News Sources66
Leaning Left6Leaning Right12Center10Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 21%
C 36%
R 43%
Factuality
To view factuality data please Upgrade to Premium
