By Staff Reporter
Funding round values tunnelling company at $23 billion
Elon Musk’s The Boring Company has raised US$3 billion in fresh funding, with UAE-based investors among those backing the round, as the company prepares to expand its underground transport network across the United Arab Emirates.
The latest Series D funding values the tunnelling company at approximately US$23 billion and is expected to support the construction of more than 150 kilometres of tunnels across the UAE, according to the company.
The investment builds on the Dubai Loop project, which was previously awarded to The Boring Company and is designed to provide underground, high-speed urban transport.
“Building upon significant existing success collaborating with the UAE on Dubai Loop, this strategic investment will accelerate the partnership to deploy mass quantities of underground infrastructure across the UAE,” the company said.
Dubai-based investment firm Shamal Holding confirmed its participation in the funding round but did not disclose the size of its investment.
The company said its Loop system has transported more than four million passengers in Las Vegas since 2021, arguing that the technology has moved beyond the experimental stage.
Other investors in the Series D round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek and Baron Capital, alongside existing and new backers.
The new funding comes as The Boring Company seeks to accelerate projects in several markets. The company has also begun work on a tunnel project in Nashville, Tennessee, while continuing development of its Las Vegas Loop and Dubai projects.
The UAE investment marks a significant expansion of Musk’s underground transport ambitions, positioning Dubai as a major international testing ground for the company’s tunnel-based mobility technology.
