UAE leads $3bn funding round in Elon Musk’s The Boring Company
The Series D funding values The Boring Company at $23bn and will expand its UAE partnership beyond the Dubai Loop project
11 September, 2026
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The company said the strategic investment would accelerate its existing partnership with the UAE to deploy large-scale underground infrastructure across the country, including more than 150km of tunnels. The agreement is in addition to the Dubai Loop project previously awarded to the company.
Under the agreement, the first phase will comprise a 6.4km pilot route with four stations linking Dubai International Financial Centre and Dubai Mall.
The full project is planned to extend up to 22.5km with 19 stations, connecting Dubai World Trade Centre and the financial district with Business Bay.
The Boring Company said construction of the 6.4km pilot is planned to begin in late 2026, with precast production already underway.
Its detailed Dubai Loop project page says the company and RTA are finalising the design and undertaking mobilisation and permitting work, to begin tunnelling in late 2026.
The newly announced UAE partnership is significantly larger in scale, covering more than 150km of tunnels beyond the previously awarded Dubai Loop.
The Series D announcement did not disclose the locations, cost or timetable for the additional UAE infrastructure.
Scaling tunnelling technology
The Boring Company said its expansion over the past two years had been supported by advances in its Prufrock tunnel-boring platform.
In May 2025, the company said it demonstrated Zero-People-in-Tunnel continuous mining, allowing its machine to advance and erect a tunnel ring without a crew inside the tunnel.
By August 2026, the company said the ring-building process was fully autonomous, with six concrete segments weighing about 3,750 pounds each placed in less than a minute and monitored from its Global Operations Control Center in Texas.
The company has also expanded its Vegas Loop network, which has carried more than four million passengers, according to the Series D announcement.
The company said Clark County had subsequently approved 19 additional stations, taking the entitled network to 123 stations.
The Boring Company has also expanded beyond Nevada. Work is under way on Music City Loop, a privately funded underground system connecting downtown Nashville, Music City Center and Lower Broadway with Nashville International Airport. The company said tunnelling began in February 2026.
The Boring Company, founded by Musk, develops underground transportation, utility and freight tunnels. Its Loop system is designed as an express underground public transport network in which passengers travel directly to their destination without intermediate stops.
The company previously raised $675m in a Series C funding round in 2022, led by Vy Capital and Sequoia Capital, which valued the business at $5.675bn.
The latest financing values The Boring Company at $23bn, more than four times the valuation attached to its 2022 Series C round.


















