Elon Musk's tunneling company, The Boring Company, has completed a $3 billion Series D financing round, raising its latest valuation to $23 billion. This financing round was led by the United Arab Emirates, and it also further clarifies the company's expansion plans outside of the United States.

The UAE led this round of financing.

The company stated that this round of financing is a Series D round, and the participants also include Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, and Valor Equity Partners. TechCrunch reported that The Wall Street Journal disclosed in July of this year that the company was seeking up to $4 billion in financing at that time.

Planned to build a 150-kilometer tunnel in the United Arab Emirates

The Boring Company indicates that plans are in place to excavate tunnels exceeding 150 kilometers in length in the United Arab Emirates. This signifies a gradual shift in their business focus from projects within the United States to new markets such as the Middle East.

So far, the company's most significant implementation project is still in Las Vegas, USA. There are already several tunnels in operation there, connecting hotels, casinos, and convention centers. The company has also recently launched a project in Nashville, Tennessee, with plans to build an underground "_Loop_" system that is 10 miles long.

Business still revolves around urban transportation scenarios.

The Boring Company has always regarded "alleviating traffic congestion" as its core goal, with the approach being to divert vehicle traffic into an underground tunnel network. After this financing is completed, the market's focus will shift to the progress of its overseas projects and whether the existing model can be replicated on a larger scale.