Key highlights:

  • The Boring Company raised $3 billion in Series D funding at a $23 billion valuation
  • The UAE led the round as Musk’s tunnelling startup expands into international markets
  • Per the company, the funds will support tunnel projects in Las Vegas, Nashville, and Dubai

Elon Musk’s Boring Company has raised $3 billion in a new funding round, pushing the tunneling startup’s valuation to $23 billion. The latest raise marks a sharp jump from the company’s $5.7 billion valuation in 2022 amid accelerating plans for underground transportation networks in the US and United Arab Emirates.

The Boring Company secures $3 billion

The Boring Company has announced that it has raised $3 billion in a Series D funding round, valuing the startup at $23 billion. 

The Series D round was led by the United Arab Emirates and affiliated investment entities. Meanwhile, other participants included Sequoia Capital, Andreessen Horowitz, VyCapital, Temasek, and Baron Capital, among others.

The latest valuation represents an over fourfold increase from the $5.7 billion valuation The Boring Company reached after its 2022 funding round. It is the latest major cash injection into Elon Musk’s business empire, after the SpaceX IPO raised a record $86 billion.

Elon Musk’s The Boring Company disclosed that the fresh capital will support the company’s expansion across the US and overseas. Armed with fresh capital, the Boring Company plans to increase hiring across engineering, production and operations while advancing projects in Las Vegas, Nashville and Dubai.

Meanwhile, the UAE is emerging as a major market for Musk’s tunneling company outside the US. The latest partnership is tipped to involve more than 150 kilometers of underground infrastructure across the country, building on the previously announced Dubai Loop project.

Source: The Boring Company

The Dubai Loop is designed as an underground transportation network aimed at moving passengers through tunnels beneath the city. The company has also been developing Loop projects in Las Vegas and Nashville as it shifts its focus toward practical underground transit systems.

Building impressive systems

In its official announcement, The Boring Company disclosed that it has developed its proprietary tunneling technology, including Prufrock machines and autonomous construction systems. It says the technology can increase boring speeds and reduce the infrastructure traditionally required to launch tunneling operations. 

A combination of its technological leaps has seen The Boring Company grow by leaps and bounds over the last two years. Elon Musk launched the company in 2016 after being stuck in traffic in Los Angeles, branding road congestion as the “final boss.”

“Over the past two years, The Boring Company has grown from a single operating Loop system to a multi-city tunneling program, pairing faster machine design with the first hard-rock project, the first international construction contract, and a substantial expansion of Vegas Loop.”

Zooming out, the VC ecosystem is sizzling hot with French AI startup Mistral securing $3.5 billion in a Samsung-backed funding round early in the week. Meanwhile, Kalshi has raised $1.12 billion total since April 2026, with several large technology companies gearing up for an IPO.