Elon Musk's tunnel company The Boring Company has completed a $3 billion financing round, with its valuation rising to $23 billion.

Elon Musk's tunnel network company The Boring Company announced on local Thursday that it has completed $3 billion in financing, with its valuation reaching $23 billion. The newly injected funds will be used to accelerate the expansion of the underground transportation network. The company also announced on Thursday that it has reached an agreement to build tunnels with a total length of more than 150 kilometers in the United Arab Emirates, which is also the lead investor of this Series D financing. Other participants in this round of financing include HSG, Andreessen Horowitz and Baron Capital. (CLS)