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Elon Musk’s Boring Company raises $3B at $23B valuation, led by UAE
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- DeepHorus
Elon Musk's Boring Company has closed a $3 billion Series D round led by the United Arab Emirates, valuing the tunneling venture at $23 billion. Announced on September 9, the round included Sequoia Capital, Andreessen Horowitz, Temasek, and others. That is roughly four times the company's 2022 valuation of about $5.7 billion.
The funds will go toward hiring, scaling Loop projects, and Prufrock machine R&D. Musk said: "Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic." The UAE is buying into an unproven promise.
The centerpiece is a commitment to build more than 150 kilometers of tunnel across the UAE. It adds to the Dubai Loop pilot: 6.4 kilometers and four stations, with construction slated to start late 2026. No passenger tunnel is open in the UAE yet.
The only place Boring moves passengers is Las Vegas. The Vegas Loop has carried more than four million passengers, and Clark County has entitled a 123-station network. The company began boring its 14th tunnel, its 25th overall. Still, it has yet to prove the Loop helps traffic or outperforms mass transit.
The company started hard-rock work in Nashville. Music City Loop received its state permit on February 25, 2026, and tunneling began the same day. By August, two Prufrock machines were mining at once. Since 2017, Boring has announced a dozen projects, but Vegas is the only one carrying passengers.
Earlier projects, including Chicago O'Hare Express and Washington-to-Baltimore Loop, never materialized. An Ontario connector ballooned from $45 million toward $500 million. Still, the gap between announced ambitions and delivered tunnels remains wide. The UAE deal makes the company's biggest backer also its largest customer, and whether Boring can translate billions into working tunnels will determine if this valuation holds.
