UAE-Led $3 Billion Round Values Musk's Boring Company at $23 Billion

Elon Musk's tunneling company has pulled in $3 billion from a Series D round led by the United Arab Emirates, lifting its valuation to $23 billion.

The new valuation is roughly four times the $5.675 billion figure the firm emerged with after its Series C in April 2022.

What Drove the Jump in Boring Company Valuation

UAE capital powered the deal. The Boring Company identified the UAE and affiliated investment entities as the lead investor. Its previous raise, the 2022 round, collected only $675 million.

Eight additional investors were named: Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding, and Baron Capital.

Emirati money keeps entering the sector. Abu Dhabi's sovereign funds already hold spot Bitcoin ETF exposure, while a state vehicle backs Binance with $2 billion as well.

In exchange, the UAE gains scale. The tunnel partnership spans more than 150 kilometers and adds to the Dubai Loop project previously won by the company.

"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…"

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

Where the $3 Billion Will Go

Hiring is planned across engineering, operations and production. Loop networks in Las Vegas, Nashville and Dubai are also set to be built out and scaled.

The rest goes to Prufrock. Newer versions of the boring platform launch from a transporter and are retrieved by it, the company says, eliminating the traditional launch pit and crane.

Las Vegas is still the proof point. More than four million passengers have used the Vegas Loop, and the entitled network now reaches 123 stations. Work has recently begun on the 25th tunnel overall, the 14th in Las Vegas.

Dubai provides the international test. A construction contract with the city's Roads and Transport Authority covers a pilot of 6.4 kilometers and four stations. Precast production for that phase is already underway.

That places the Boring Company among Musk's larger private assets. He said this month that his fortune rests in SpaceX and Tesla stock rather than cash.

"Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic," Musk said in the announcement.

The company casts the round as evidence of a shift. Two years ago it operated a single Loop system, and it now describes itself as a multi-city tunneling program.