Elon Musk’s tunnel-building concern, The Boring Company, has raised $3 billion in a new funding round that sets its value at $23 billion.
The round was led by the United Arab Emirates and several of its investment funds.
Other investors, including existing shareholders and new backers, also took part.
The money will be used to develop over 150 km of tunnels across the UAE, extending the Dubai Loop project, which is currently under construction.
According to The Wall Street Journal, the funding deal includes commitments on local hiring and access to government authorities. If those commitments are not met, The Boring Company will be able to buy back some of the shares.
These details were confirmed by Elon Musk.
The Boring Company’s “loops” are underground tunnels designed for autonomous Tesla electric cars, another Musk-controlled business.
A small number have been built, or are being built, in the United States and Dubai.
