The Boring Company will push ahead with a large Middle East expansion after closing a $3 billion Series D led by the United Arab Emirates, a raise the company says values it at $23 billion and enables plans to dig more than 150 kilometres of tunnels in the country.
The round, announced on Thursday, included participation from Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners. The company’s statement ties the fresh capital directly to the UAE project, marking a shift from the firm’s earlier, primarily domestic deployments.
To date The Boring Company has carried out most of its tunnelling in Las Vegas, where it operates a limited network connecting hotels and the convention centre. It has also begun work on a 10-mile underground "loop" in Nashville. The firm markets its technology as a way to "solve traffic" by relocating vehicle travel into a three-dimensional subterranean network.
Reports in July indicated the company had been seeking up to $4 billion in new financing, a target that lands close to the final raise. With this new cash infusion and the higher valuation, The Boring Company moves from regional pilot projects toward a major international construction programme in the UAE.
Investors listed in the Series D now hold a stake at the stated $23 billion valuation, and the company has publicly committed to the 150-kilometre tunnelling plan in the Middle Eastern country. What comes next is execution, translating the financing into staged construction and operational work that extends The Boring Company’s footprint beyond its Nevada and Tennessee projects.
