The Boring Company Raises $3 Billion at $23 Billion Valuation for UAE Tunnel Push

Elon Musk’s tunneling company has landed its biggest funding round yet.

The Boring Company announced a $3 billion Series D that values the business at $23 billion. The United Arab Emirates and affiliated investment entities led the round, tying the money to a much larger underground-infrastructure push across the country.

The headline number is big. The physical ambition behind it is bigger: more than 150 kilometers, or roughly 93 miles, of tunnels in the UAE beyond the Dubai Loop project already awarded.

The company announced the financing early Thursday:

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.

Other key investors in the round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia… pic.twitter.com/6rM8s6aleO

— The Boring Company (@boringcompany) September 10, 2026

The Boring Company says Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital also joined the round. It plans to use the proceeds to hire across engineering, production and operations while expanding Loop projects in Las Vegas, Nashville, Dubai and other markets.

The announcement presents the raise as capital for a company moving beyond a single demonstration system. Over the past two years, it says, the business has added hard-rock tunneling, its first international construction contract, more Vegas Loop connections and machines designed to launch without traditional excavation pits.

Its newest equipment is also doing more of the tunnel-building work without people underground. The company says its Prufrock platform can now build concrete tunnel rings autonomously, placing six roughly 3,750-pound segments with millimeter precision in less than a minute while operators monitor the process from Texas.

Business Insider independently reported the $3 billion raise, $23 billion valuation and UAE-led investor group. The report says the new partnership covers more than 150 kilometers of tunnels across the UAE and comes as investors continue pouring money into Musk-led companies.

The outlet also traces the company’s shift from early hyperloop ambitions to working Loop projects. It identifies the roughly four-mile Vegas system as the main current operation, with broader networks approved or planned in Las Vegas, Nashville and Dubai.

This is still a private-company valuation, not a market price set by public trading. The test now is whether the capital produces working tunnels, stations and passenger service at the scale described.

There is already one operating showcase. The Boring Company says Vegas Loop has carried more than four million passengers and added connections at Westgate, Encore, Fontainebleau and Sahara Las Vegas.

Clark County recently approved 19 more stations, bringing the network’s entitled total to 123. Limited airport service has begun while two dedicated 2.3-mile Airport Connector tunnels move toward opening.

The Boring Company describes the first Dubai Loop phase as a 6.4-kilometer route with four stations connecting the Dubai International Financial Centre and Dubai Mall. The company estimates that pilot at $154 million and expects about 13,000 passengers per day after it opens.

The full Dubai alignment is planned to reach 22.5 kilometers with 19 stations, extending through the World Trade Centre, financial district and Business Bay. Its projected capacity rises to roughly 30,000 passengers per day.

Those route numbers are separate from the new nationwide commitment of more than 150 kilometers. The Series D announcement adds a much broader UAE infrastructure partnership on top of the original Dubai Loop contract.

Nashville gives investors another view of whether the tunneling system can travel. The company is cutting through hard limestone there rather than the softer ground associated with some earlier projects.

Recent drone footage shows two Prufrock machines working at the same time and continuous conveyor belts carrying excavated rock toward the surface:

Drone footage of Prufrock-MB1 and Prufrock-MB2 tunneling simultaneously in Nashville.

The 10,000+ psi limestone is transported from each boring machine via a continuous conveyor belt, completing its journey to the rock pit via the 2 vertically stacked side belts seen below. pic.twitter.com/HaAhyDB3ej

— The Boring Company (@boringcompany) September 8, 2026

The Boring Company says Music City Loop began tunneling the same day it received its Tennessee Department of Transportation permit in February. By August, two machines were mining simultaneously, a third was being assembled in Texas, and station agreements were advancing at the airport, convention center and private properties.

The Nashville system is privately funded and planned to connect downtown, Lower Broadway, Music City Center and Nashville International Airport. Hard rock, multiple machines and active station negotiations make it a more serious execution test than a short showpiece tunnel.

The company is making an aggressive technical claim alongside the financial one. Its latest announcement says an electric conveyor can move as much as 990 tons of material per hour and support tunneling speeds of up to four miles per week.

Those figures describe system capability, not a promise that every project will advance at that pace. Permits, geology, station construction, safety reviews and utility conflicts still shape real-world schedules.

The Boring Company framed its 2022 Series C around scaling Prufrock and Loop after raising $675 million at a $5.675 billion valuation. Four years later, the new round is more than four times larger and the stated valuation is about four times higher.

The scope has widened with the price tag. The company now points to operating passenger service in Las Vegas, simultaneous hard-rock tunneling in Nashville, a contracted Dubai route and a separate 150-plus-kilometer UAE commitment.

That is a long way from Musk’s original complaint about traffic and his promise to start digging. The Boring Company now has billions of fresh dollars and a $23 billion valuation behind the idea.

The next proof will not come from another funding headline. It will come underground—measured in tunnels completed, stations opened and passengers actually moving through them.