Boring Company Raises $3B at $23B Valuation in UAE-Led Series D

The Boring Company raised $3 billion in a Series D round led by the United Arab Emirates and affiliated investment entities, a deal that values the tunneling firm at $23 billion. The company announced the round in a statement on Thursday.

Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital joined the round, along with other new and existing backers. The company was valued at $5.7 billion in 2022, the year it raised $675 million.

Most of the new money is pointed abroad.

The proceeds will pay for hiring across engineering, operations and production, scale projects in Las Vegas, Nashville and Dubai, and accelerate development of the company's Prufrock boring technology. In the UAE, the funding supports plans for more than 150 kilometers of underground infrastructure and pushes the company's partnership there past the Dubai Loop pilot.

Dubai Loop moves toward construction

The Dubai Loop is an underground passenger transport system developed with Dubai's Roads and Transport Authority. Its pilot phase covers 6.4 kilometers of tunnel and four stations, and construction is expected to begin in late 2026. Parsons was awarded a nine-month contract in May to support the project, acting as delegated program manager for design verification, stakeholder management, permitting and multidisciplinary design reviews.

Prufrock and the automation push

The company describes Prufrock machines as central to faster, more scalable tunneling. Newer systems can launch and be retrieved without a traditional launch pit or crane. By August the ring-building process had become fully autonomous: six concrete segments weighing about 3,750 pounds each were placed with millimeter precision in less than a minute, with the work monitored remotely from the company's Global Operations Control Center in Texas.

Where the Loop already runs

The Vegas Loop is the largest operating showcase, having carried more than 4 million passengers, with 123 stations approved across the Las Vegas network. Tunneling for the Music City Loop began in February, after the company expanded into Tennessee. That line connects parts of downtown Nashville with Nashville International Airport and is the company's first hard-rock tunneling operation.

The raise shifts where the company's growth is being financed. Gulf state-linked capital is now underwriting a transport model that has been proven mostly in Las Vegas, and the UAE program gives the company a second market big enough to test whether its tunnels hold up at city scale. The answer depends on Prufrock, and on whether 150 kilometers of tunnel can be dug on a timetable the pilot has not yet had to meet.

Musk founded The Boring Company in 2017 after criticizing traffic congestion. The Loop system is meant to move urban transportation underground, letting passengers travel directly between stations without intermediate stops. The next test begins in Dubai, where construction is scheduled to start in late 2026.