Elon Musk’s tunneling startup The Boring Company has raised $3 billion in a Series D funding round that values the company at $23 billion. The United Arab Emirates led the financing, while Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners also participated.
The company said in its official Series D announcement that the funding will support its tunneling operations and planned expansion. It now intends to build more than 150 kilometers of tunnels across the UAE.
The round is smaller than the amount The Boring Company was reportedly seeking earlier this year. In July, TechCrunch reported that the company was looking to raise as much as $4 billion at a valuation of about $20 billion.
More Than 150 Kilometers of Tunnels Planned in the UAE
The new investment significantly expands The Boring Company’s plans in the Middle East. The company had already secured a project in Dubai before announcing the wider 150-kilometer commitment across the UAE.
Its tunnel systems are designed to move vehicles underground as an alternative to surface roads. The company says its long-term goal is to reduce traffic by creating multi-level underground transportation networks.
Most of The Boring Company’s operational experience so far comes from its Vegas Loop, where tunnels connect parts of the Las Vegas Convention Center with several nearby hotel and casino properties. Vehicles transport passengers through the underground network rather than using conventional trains.
Boring Company Expands Beyond Las Vegas
The company has also started expanding into other U.S. cities. In 2025, it announced the Music City Loop in Nashville, Tennessee, with an initial 10-mile underground route planned between downtown and Nashville International Airport.
The Nashville project followed years in which The Boring Company concentrated much of its development and construction work in Nevada. Its UAE expansion would represent a much larger international deployment if the planned tunnel network is completed.
The company was founded by Musk with the stated goal of addressing traffic congestion by shifting transportation underground. Its approach relies on building networks of tunnels that can expand horizontally and vertically without requiring additional surface roads.
The $3 billion Series D gives The Boring Company a $23 billion valuation as it prepares for its planned UAE construction program and continues work on existing tunnel projects in the United States.
Featured image credits: Wikimedia Commons
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