The company said it plans to dig more than 150 kilometers of tunnels in the Middle Eastern country.

The Boring Company has closed a $3 billion Series D funding round led by the United Arab Emirates, valuing Elon Musk’s tunneling venture at $23 billion.

That’s roughly four times its 2022 valuation of about $5.7 billion. And most of the case for it sits in tunnels the company hasn’t dug yet.

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