Boring Company Raises $3 Billion Led by UAE at $23 Billion Valuation

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โดย Moneywise.com under the title·AEUS·Read original
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The Boring Company announced a $3 billion funding round on September 9, led by the United Arab Emirates and its investment funds, valuing Elon Musk's tunneling company at $23 billion. The raise is tied to the company's plan to dig tunnels across the UAE, where it signed an agreement with Dubai's Roads and Transport Authority on February 3 to build the Dubai Loop, a passenger tunnel system whose first phase runs about 4 miles and includes four stations, with digging set to start late this year. The company puts the eventual scope of its UAE work at 93 miles of tunnel or more, and the rest of the money goes to more engineers and production and operations staff, further work on its Prufrock boring machines, and expansion of the Loop systems in Las Vegas and Nashville. The round drew Sequoia Capital, Andreessen Horowitz, Temasek, Valor Equity Partners, Vy Capital, Human Capital, Shamal Holding and Baron Capital, and the Wall Street Journal reported that some investors agreed to send job candidates or open doors with city officials, with a backer who didn't deliver potentially forced to sell some shares back, a report Musk confirmed on X with one word: True. The company's last announced round was in April 2022, when it raised $675 million at a valuation of about $5.7 billion, and it calls Dubai its first construction contract outside the U.S.

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Off-coverage companies 9

The Boring CompanyPrivate▲ Positive
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The Boring Company raised $3 billion at a $23 billion valuation, up from ~$5.7 billion in 2022, funding UAE tunnel expansion and Prufrock machine work.

Andreessen HorowitzPrivate± Mixed
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Baron CapitalPrivate± Mixed
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Human CapitalPrivate± Mixed
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Sequoia CapitalPrivate± Mixed
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Shamal HoldingPrivate± Mixed
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Temasek Holdings (Private) LimitedPrivate± Mixed
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Valor Equity PartnersPrivate± Mixed
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Vy CapitalPrivate± Mixed
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