UAE-led round values Musk's Boring Company at $23B for Dubai Loop expansion

A fundraising round led by UAE sovereign funds values The Boring Company at $23 billion, with proceeds earmarked for over 150 km of tunnels in the UAE, building on the Dubai Loop project. The deal reportedly includes guarantees on local hiring and government access, with penalties if unmet. This marks a significant state-backed bet on Musk's tunneling technology, expanding his infrastructure footprint in the Gulf.