The Boring Company, Elon Musk's tunnel construction 'start-up', is now worth 23 billion dollars - EL PAÍS
Article excerpt
The Boring Company, the tunnel construction start-up founded by Elon Musk, has raised 3 billion dollars (almost 2.6 billion euros) in a new financing round, in which the company is valued at 23 billion dollars (about 19.77 billion euros), according to a statement published on Wednesday. With the operation, The Boring Company has significantly increased its value. In the previous financing round, in 2022, the company reached a valuation of 5.7 billion dollars after raising 675 million. The financing round has been led by the United Arab Emirates and affiliated investment entities. Other participants have been Human Capital, Vy Capital, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding, Baron Capital, and Valor Equity Partners, a regular partner of Elon Musk who, in fact, remains one of the main shareholders of SpaceX, after its IPO. The funds from the new transaction will be used to expand collaboration to develop more than 150 kilometers (93 miles) of underground infrastructure in the United Arab Emirates, continuing the previously announced Dubai Loop project. “Leveraging the remarkable success of the collaboration with the United Arab Emirates on the Dubai Loop project, this strategic investment will accelerate the alliance to deploy a large amount of underground infrastructure across the country, including more than 150 kilometers of tunnels. This historic...
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In this regard, Musk's company and the Dubai Roads and Transport Authority signed a preliminary agreement to build the Dubai Loop, a high-speed underground transport network.
