The Boring Company reaches $23 billion valuation after $3 billion funding round

The Boring Company, owned by Elon Musk, has raised $3 billion in a Series D funding round, bringing its valuation to $23 billion. This figure represents a significant increase from its $5.675 billion valuation following its Series C round in April 2022.

The funding round was led by the United Arab Emirates and affiliated investment entities. Other participating investors include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding, and Baron Capital.

The new capital is intended to accelerate the company’s partnership with the UAE to deploy over 150 kilometers of underground infrastructure. This builds upon the existing Dubai Loop project, for which the company has signed a construction contract with Dubai’s Roads and Transport Authority. Construction for the pilot phase, covering 6.4 km of tunnel and four stations, is expected to begin in late 2026.

Additionally, the company plans to use the funds to increase hiring in engineering, operations, and production, while scaling Loop networks in Las Vegas, Nashville, and Dubai. The investment will also support the research and development of its Prufrock tunneling technology.