Musk's Boring Company raises $3 billion in UAE-led Series D round

September 10, 2026 at 08:02 PM2 min

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Elon Musk's The Boring Company raised $3 billion in a Series D funding round led by the United Arab Emirates, valuing the tunnel-digging startup at $23 billion. The funds will expand an existing partnership to deploy over 150 kilometers of underground tunnels across the UAE. The round comes after Musk's SpaceX raised $75 billion in the largest IPO ever.

Key Facts

The Boring Company raised $3 billion in a Series D round led by the UAE, valuing the company at $23 billion.
The funding will support deployment of over 150 kilometers of tunnels in the UAE, separate from the Dubai Loop project.
Key investors include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital.
The Boring Company's only operating system, the Vegas Loop, has served 4 million passengers and recently added stations at Westgate, Encore, Fontainebleau, and Sahara Las Vegas.
The Music City Loop in Nashville, announced last year, began construction in February 2026 and will connect Nashville with Music City Center, Lower Broadway, and Nashville International Airport.

Funding Round Details

The Boring Company announced a $3 billion Series D funding round led by the United Arab Emirates and its investment entities. The round values the company at $23 billion. Funds are earmarked to expand an existing partnership to deploy over 150 kilometers of tunnel infrastructure across the UAE. This UAE expansion is separate from the Dubai Loop project, which is set to begin later this year. Other key investors include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital.

Existing and Planned Projects

The Boring Company's only operating tunnel system is the Vegas Loop in Las Vegas. The Vegas Loop recently added stations at Westgate, Encore, Fontainebleau, and Sahara Las Vegas, with an airport connector opening soon. Boring says 4 million passengers have used the Vegas Loop service. The next project, the Music City Loop in Nashville, was announced last year and began construction in February 2026. The Music City Loop will connect Nashville with Music City Center, Lower Broadway, and Nashville International Airport.

Technology and Market Context

Boring's new Prufrock tunnel-boring platform is positioned as the future of large-volume earth boring for traffic and infrastructure. In August 2026, the company implemented a fully autonomous partial tunnel build, moving toward zero-people-in-pit operations. Critics question whether the tunnels solve traffic issues given capacity, complexity, environmental costs, and regulatory hurdles. The funding round follows SpaceX's IPO, which raised $75 billion in the largest public offering ever. Prior to its IPO, SpaceX raised around $12 billion in private funding, according to KeepTrack.