LAS VEGAS — The Boring Company has closed a $3 billion Series D funding round that values Elon Musk's tunneling venture at $23 billion, a roughly four-fold jump from its 2022 valuation of $5.7 billion. The round was led by the United Arab Emirates, with the company announcing plans to dig more than 150 kilometers of tunnels across the Middle Eastern country.
The raise is a striking vote of confidence in Musk's vision of moving traffic underground, and it hands the company the capital to scale from a Las Vegas showcase into a global infrastructure builder. It also underscores how quickly Musk's ventures are attracting sovereign and top-tier investment, momentum visible across projects like the Boring Company's Nashville Music City Loop.
A blue-chip investor lineup
According to TechCrunch, the round drew participation from Andreessen Horowitz, Sequoia Capital, Human Capital, Vy Capital, Valor Equity Partners, and additional backers including Temasek and Baron Capital. The Wall Street Journal had reported in July that the company was seeking as much as $4 billion at a $20 billion valuation, meaning the final terms landed above those early expectations.
The capital is earmarked largely for the UAE, where the company will extend work already underway on the Dubai Loop. Digging more than 150 kilometers of tunnels would represent by far the largest deployment of the company's technology to date.
