TLDR
- The Boring Company raised $3 billion in a Series D funding round
- The round values the company at $23 billion, up from $5.7 billion in 2022
- The UAE led the round, joined by Sequoia Capital, Andreessen Horowitz, and Temasek
- Funds will go toward tunnel projects in Las Vegas, Nashville, and Dubai
- The UAE partnership could involve more than 150 km of underground infrastructure
Elon Musk’s tunnel construction startup, The Boring Company, has raised $3 billion in a new funding round. The deal values the company at $23 billion.
Congrats Boring Company team! https://t.co/eFhhZfKmu8
— Elon Musk (@elonmusk) September 10, 2026
The round was led by the United Arab Emirates and affiliated investment entities. Other investors included Sequoia Capital, Andreessen Horowitz, Temasek, Vy Capital, Human Capital, Valor Equity Partners, Shamal Holding, and Baron Capital.
The company plans to use the money to expand its underground transport network. Projects in Las Vegas, Nashville, and Dubai are all in the pipeline.
UAE Partnership Takes Center Stage
The UAE is playing a big role in this funding round. The partnership could lead to more than 150 km of tunnels being built across the country.
Last year, The Boring Company signed a preliminary agreement with Dubai’s Roads and Transport Authority to build the Dubai Loop. This is a high-speed underground transport network planned for the city.
The latest round is a major jump in valuation. Back in 2022, the company was valued at just $5.7 billion after raising $675 million.
That means the valuation has grown by more than four times in four years. The latest round is also more than four times the size of the 2022 raise.
Expansion Plans and Technology
The Boring Company says it has grown from a single operating Loop system to a multi-city tunnelling programme over the past two years.
Its projects now span both soft soil and hard rock conditions. The company says its Prufrock tunnelling machines and autonomous construction technology are helping speed up the boring process.
These machines are designed to reduce the need for traditional launch infrastructure. The company says this helps cut costs and speeds up delivery.
Hiring is also set to increase across engineering, production, and operations. The company did not give specific numbers on how many jobs it plans to create.
Musk founded The Boring Company around 2016 or 2017 after expressing frustration about traffic congestion in cities. The idea was to build networks of underground tunnels to move people faster.
The Las Vegas Loop is the company’s most established project. It operates under the Las Vegas Convention Center and has been running for several years.
Nashville is another city where a Loop system has been proposed. The company is working on what it calls the Music City Loop for that market.
The Boring Company’s latest raise comes as it looks to grow its presence in both the US and internationally. The UAE deal appears to be the largest international expansion effort to date.
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