Elon Musk’s Boring Company raises $3 billion in funding round led by UAE

### The Boring Company Raises $3 Billion at $23 Billion Valuation

Elon Musk’s underground transportation venture, The Boring Company, has secured $3 billion in a Series D funding round, lifting its valuation to approximately $23 billion.

The funding round was led by the United Arab Emirates as the company prepares to significantly expand its tunneling operations in the Middle East.

The Boring Company said it plans to construct more than 150 kilometers of tunnels in the UAE, making the country a major part of its international expansion strategy.

Other investors participating in the round include Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners.

The newly raised capital will also support hiring across engineering, manufacturing and operations as the company expands its infrastructure projects.

The company plans to use part of the funding to accelerate its Loop transportation projects in Las Vegas and Nashville.

It will also invest in the development of its Prufrock tunnel-boring machines, which are designed to automate and speed up underground construction.

The Boring Company has carried out most of its work so far in Las Vegas, Nevada, where its tunnels connect several hotel casinos with the Las Vegas Convention Center.

Las Vegas remains the company’s only operating project currently carrying passengers, despite the company having announced projects in numerous cities since its founding.

The company recently started work on an underground Loop project in Nashville, Tennessee, which is expected to cover roughly 10 miles.

In Dubai, The Boring Company has reached a definitive agreement with the city’s Roads and Transport Authority to begin construction of the Dubai Loop.

The agreement was announced at the World Governments Summit 2026 and represents a major step toward establishing the company’s first large-scale international passenger transportation network.

The initial Dubai project will involve a four-mile pilot route with four stations linking the Dubai International Financial Centre with Dubai Mall.

The pilot project is estimated to cost around $154 million, while the proposed full system could eventually stretch up to 14 miles.

The larger Dubai Loop is expected to feature 19 stations and carry an estimated total cost of approximately $545 million.

The Boring Company has already started manufacturing precast tunnel segments for the Dubai pilot project, with tunneling operations expected to begin later in 2026.

A preliminary agreement to study the Dubai Loop was originally signed during the World Governments Summit in 2025.

The latest investment comes after reports that The Boring Company had been seeking as much as $4 billion in new funding.

The company has announced roughly a dozen projects across different cities since Musk established it, although only the Las Vegas system is currently transporting passengers.

Musk founded The Boring Company in 2017 with the broader goal of reducing traffic congestion through underground transportation infrastructure.

The company envisions a three-dimensional network of tunnels that can move vehicles and passengers beneath busy urban areas.

Musk has previously described traffic as a major challenge, arguing that even the world’s most powerful people cannot simply overcome congestion.

The latest funding represents a substantial increase in investor confidence compared with 2022, when the company was valued at $5.7 billion after raising $675 million.

With its valuation now reaching $23 billion, The Boring Company is positioning itself for a much larger role in the development of underground transportation systems.