The Boring Company, the tunnelling business founded by Elon Musk, raised $3bn in a Series D round announced on September 9, 2026. The round valued the company at $23bn.
The United Arab Emirates and affiliated investment entities led the round. Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital also invested, along with other existing and new investors that the company did not name.
The Next Web reported that the new valuation is about four times what the company was worth in 2022. Wikipedia puts that earlier valuation at about $5.7bn, after a $675m Series C.
“Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic.”Elon Musk, Founder, The Boring Company
A deal tied to the UAE
The company said the investment builds on its work with the UAE on Dubai Loop and will speed up a partnership to build large amounts of underground infrastructure across the country, including more than 150km of tunnel. That is in addition to the Dubai Loop project it had already won.
For Dubai Loop, The Boring Company has signed a construction contract with Dubai's Roads and Transport Authority for a pilot phase of 6.4km of tunnel and four stations. Construction is planned to start in late 2026, and precast production for the pilot is under way.
The Next Web, citing a Wall Street Journal report from September 4, said the term sheet asked investors to help recruit workers or help with business development, including introductions to officials in cities where the company wants to dig. The company kept the right to buy back some shares from investors who did not supply suitable candidates. Musk confirmed the report on X. The company's own announcement did not mention the term.
What The Boring Company does
The company builds tunnels with its Prufrock boring machines and runs Loop, an underground transport system in which vehicles travel directly between stations without stopping at the ones in between. Newer Prufrock machines launch and are retrieved from a transporter instead of a dug launch pit. The company said it demonstrated continuous mining with no crew in the tunnel in May 2025, and that by August 2026 ring building was fully autonomous and monitored from its control centre in Texas.
Vegas Loop in Las Vegas is its main operating system. The company said it has carried more than four million passengers, Clark County has approved a network of 123 stations, and the company has started its 25th tunnel overall, the 14th in Las Vegas. Two Airport Connector tunnels to Harry Reid International Airport, each 2.3 miles long, have been built and are due to open soon.
Outside Nevada, tunnelling on Music City Loop in Nashville began on February 25, 2026, the day the Tennessee Department of Transportation issued its permit. It is the company's first project in hard rock. The company also completed an industrial tunnel at Tesla's Giga Texas factory.
What the money is for
The company said the funds will be used to increase hiring across engineering, operations and production, to build and scale Loop projects including Vegas Loop, Music City Loop and Dubai Loop, and to speed up research and development on Prufrock and future products.
The Boring Company is based in Bastrop, Texas, according to Wikipedia, which says it was founded in January 2017. Its last reported round before the Series D was the $675m Series C in April 2022, which Wikipedia says was led by Vy Capital and Sequoia Capital. The company did not disclose its total funding or headcount.
Company website: boringcompany.com