- The Boring Company raised $3 billion, valuing it at $23 billion in new funding
- The funding round was led by UAE and included major global investment firms
- Funds will support over 150 km of underground infrastructure development in UAE
Elon Musk's tunnelling startup The Boring Company has raised $3 billion in a new funding round, valuing the company at $23 billion, according to a statement released on Wednesday.
The funding round was led by the United Arab Emirates and affiliated investment entities. Other participants included Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital.
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The fresh capital will support an expanded partnership between The Boring Company and the UAE to develop more than 150 km of underground infrastructure across the country. The investment builds on the company's previously announced Dubai Loop project.
The company also plans to use the funds to increase hiring across its engineering, production and operations teams, while expanding its Loop projects in Las Vegas, Nashville and Dubai.
The Boring Company is pleased to announce our Series D funding round of $3 billion, led by the United Arab Emirates. The financing now values The Boring Company at $23 billion.
— The Boring Company (@boringcompany) September 10, 2026
Other key investors in the round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia… pic.twitter.com/6rM8s6aleO
Last year, The Boring Company and Dubai's Roads and Transport Authority signed a preliminary agreement to build the Dubai Loop, an underground transportation network.
The latest funding marks a sharp increase in the company's valuation. The Boring Company was valued at $5.7 billion in 2022, when it raised $675 million in funding. The new $23 billion valuation represents a significant increase from that level.
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Founded by Musk in 2017 after he complained about traffic congestion, The Boring Company has proposed developing underground transportation routes aimed at easing congestion and enabling faster travel.
The latest investment comes as the company expands its Loop projects beyond its existing operations in Las Vegas, with developments planned across the US and the UAE.
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