The Boring Company Raises $3B, Hits $23B Valuation in UAE Led Round
The Boring Company raises $3 billion at a $23 billion valuation, led by the UAE, with plans for more than 150 kilometers of tunnels in the country alone.
Summary
Elon Musk’s The Boring Company raised a $3 billion Series D on September 10, 2026, lifting its valuation to $23 billion. The United Arab Emirates led the round, joined by Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners. The company had been seeking as much as $4 billion in July.
The funding supports plans to dig more than 150 kilometers of tunnels in the UAE. The Boring Company currently operates a handful of Las Vegas tunnels connecting hotel casinos and the convention center, and recently began a 10 mile underground loop in Nashville, Tennessee. Its stated goal is to reduce traffic by moving vehicle travel into a three dimensional underground tunnel network.
Positives
- The $3 billion Series D raises The Boring Company’s valuation to $23 billion.
- More than 150 kilometers of planned UAE tunnels would substantially expand the company’s construction footprint.
- Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital and Valor Equity Partners joined the UAE led round.
- The 10 mile Nashville loop extends operations beyond the company’s existing Las Vegas network.
Risks & concerns
- The $3 billion round was $1 billion below the maximum amount the company was seeking in July.
- The Boring Company’s operational Las Vegas network still consists of only a handful of tunnels.
- No construction schedule was disclosed for the planned 150 kilometers of UAE tunnels.
- Work on Nashville’s 10 mile underground loop has only recently started.