New Delhi [India], September 10 : Elon Musk-owned The Boring Company has raised USD 3 billion in a Series D funding round led by the United Arab Emirates and affiliated investment entities, taking the tunnelling company's valuation to USD 23 billion.
The Boring Company announced Wednesday that the funding will accelerate its partnership with the UAE to deploy underground infrastructure across the country, including more than 150 km of tunnels.
The investment builds on the company's existing collaboration with the UAE on the Dubai Loop project. Separately, The Boring Company has signed a construction contract with Dubai's Roads and Transport Authority for the pilot phase of Dubai Loop, covering 6.4 km of tunnel and four stations, with construction expected to begin in late 2026.
Other investors in the Series D round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz (A16Z), Temasek, Shamal Holding and Baron Capital, alongside existing and new investors.
The company said the fresh capital will be used to increase hiring across engineering, operations and production, scale its Loop projects and accelerate research and development of its Prufrock tunnelling technology and future products.
Over the past two years, The Boring Company has expanded from a single operating Loop system to a multi-city tunnelling programme spanning projects in the US and overseas.
Its Vegas Loop remains the company's main operating network, with the system having carried more than four million passengers. Clark County has also approved 19 additional stations, taking the entitled network to 123 stations.
The company has also begun work on Music City Loop in Nashville, its first hard-rock tunnelling project. Tunnelling began in February 2026 after the company received a permit from the Tennessee Department of Transportation.
At the centre of its expansion is the Prufrock tunnel-boring platform, which the company says has enabled faster and increasingly automated tunnelling operations. By August 2026, ring building had become fully autonomous, with concrete tunnel segments placed remotely and monitored from the company's Global Operations Control Center in Texas.
Founded by Musk, The Boring Company aims to develop underground transportation networks to reduce road congestion and enable faster point-to-point travel. The latest funding is expected to support its transition from individual Loop projects to a broader, repeatable tunnelling infrastructure business across multiple markets.