On September 9, The Boring Company, the tunnel construction startup founded by Elon Musk, announced it had closed a $3 billion funding round, pushing its post-money valuation to $23 billion.

The investment was spearheaded by the United Arab Emirates and its affiliated investment entities, with additional participation from Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz (a16z), Temasek, Shamal Holding, and Baron Capital, alongside both existing and new backers.

The company stated that the new capital will be channeled into large-scale deployment of underground transit infrastructure in the UAE, including the construction of over 150 kilometers (93 miles) of tunnels. This initiative builds on the previously announced Dubai Loop project, which the firm describes as an extension of the contract already awarded for that endeavor.

Beyond the UAE ventures, The Boring Company intends to use the funds to ramp up hiring across engineering, production, and operations, while also advancing its Loop projects in Las Vegas, Nashville, and Dubai. In 2025, the company inked a preliminary agreement with Dubai's Roads and Transport Authority to develop the Dubai Loop, an underground high-speed transit network.

This latest funding marks a significant valuation leap from 2022, when The Boring Company was valued at approximately $5.7 billion following a $675 million raise. Founded by Musk in 2017 out of his frustration with traffic congestion, the company has since proposed the concept of a network of underground transportation routes.