Elon Musk's Boring Company has closed a $3 billion Series D at a $23 billion post-money valuation, roughly quadrupling the company's 2022 mark of $5.7 billion. Announced on September 9, 2026, the round is led by the United Arab Emirates and its affiliated investment entities, with a syndicate that includes Sequoia Capital, Andreessen Horowitz, Temasek, Valor Equity Partners, Vy Capital, Human Capital, Shamal Holding and Baron Capital.
150 km of Dubai tunnels underpin the price
The centerpiece of the deal is a UAE commitment to build more than 150 kilometers of Boring tunnel, on top of the Dubai Loop pilot the company was already awarded — 6.4 km of tunnel and four stations, with construction slated to start late 2026. Precast segment production for the pilot is already underway, per the company, though no passenger tunnel is open in the UAE yet.
Vegas Loop is still the only operating deployment
The one place The Boring Company actually moves people is Las Vegas. The Vegas Loop has carried more than 4 million passengers, and Clark County has entitled a 123-station network after approving 19 additional stations. The company recently started boring its 14th Vegas tunnel — its 25th overall — and in Nashville, Music City Loop got its state permit on February 25, 2026, with two Prufrock TBMs mining at once by August and a third machine in final assembly in Texas.
Money earmarked for people, Prufrock, and Loop scale-up
Musk said the capital will fund hiring across engineering, operations and production, more work on the Prufrock tunnel-boring machine, and Loop expansion. It also arrives amid a broader UAE push into transformative U.S. tech infrastructure that includes the country's role in Anthropic's 14.8 GW compute plan and cross-Atlantic AI data-center investments alongside deals like Positron AI's $875M Series C.
Reporting based on coverage from Electrek, TechCrunch, Yahoo Finance and The Boring Company.