Elon Musk’s Boring Company raises $3B at $23B valuation, led by UAE

This one is not about home energy upgrades. Elon Musk's Boring Company, the tunneling venture behind the Las Vegas Loop, just closed a $3 billion funding round led by the United Arab Emirates, putting the company's value at $23 billion, up from about $5.7 billion in 2022. Other investors include Sequoia Capital, Andreessen Horowitz, Temasek, and several others. The UAE is both funding the round and is the customer for the company's biggest project: a commitment to build more than 150 kilometers of tunnel in the UAE, on top of a 6.4-km pilot Loop already planned for Dubai.

The only place riders can actually use a Boring Company tunnel today is Las Vegas, where the Vegas Loop has carried more than four million passengers using human-driven Teslas. The company also just started tunneling in Nashville and has a long history of announced projects in cities like Chicago, Baltimore, Los Angeles, San Antonio, and Fort Lauderdale that were canceled or quietly dropped.

None of this affects home energy costs, rebates, or upgrades directly. If you drive an electric vehicle, charging it from home solar remains one of the more reliable ways to lower fueling costs, regardless of how this tunneling venture plays out.