The Boring Company raised $3 billion in a Series D round led by the United Arab Emirates and affiliated investment entities, valuing Elon Musk's tunneling firm at $23 billion. The valuation is about four times the $5.675 billion level set after its $675 million Series C in April 2022. The funding supports a partnership covering more than 150 kilometers of underground infrastructure in the UAE, alongside Loop network expansion in Las Vegas, Nashville and Dubai. The company said it will hire across engineering, operations and production. Its Vegas Loop has transported more than four million passengers, while its entitled network covers 123 stations. In Dubai, precast production has begun for a 6.4-kilometer, four-station pilot under a construction contract with the city's Roads and Transport Authority.