The Boring Company raised $3 billion in a UAE-led Series D at a $23 billion valuation.
Why it matters: The deal extends Gulf capital's role in Musk-linked ventures and gives the tunnel builder fresh firepower for the UAE. It also adds momentum to Dubai Loop, where the first phase is still a pilot, not a completed system.
- CNBC and Reuters reported the round on Sept. 10, 2026.
- Reuters said the United Arab Emirates and affiliated investment entities led the financing.
- The company says the new capital will support more than 150 kilometers of underground transport infrastructure in the UAE.
- Dubai's Roads and Transport Authority said it signed a strategic partnership agreement with The Boring Company at the World Governments Summit 2026.
The Boring Company has raised a $3 billion Series D that values the tunnel builder at $23 billion, according to CNBC and Reuters via Investing.com. Reuters reported the round was led by the United Arab Emirates and affiliated investment entities.
The company says the financing will support expansion of underground transport infrastructure in the UAE, including more than 150 kilometers of tunnels. That figure is a project ambition, based on the company's own description, not a completed outcome. Dubai Loop project page
Dubai Loop remains a pilot. The Boring Company's project page says the first phase is a 6.4 km route with four stations connecting the Dubai International Financial Centre and Dubai Mall. Dubai's Roads and Transport Authority said it signed a strategic partnership agreement with The Boring Company at the World Governments Summit 2026 to begin implementation of Dubai Loop. RTA statement Dubai Loop project page
The new valuation is a sharp increase from The Boring Company's last funding round in April 2022, when the company says it raised $675 million in a Series C at a $5.675 billion valuation. That makes the latest round more than quadruple the prior value. Series C round page
By the numbers
- 3 billion - size of The Boring Company's Series D
- 23 billion - post-money valuation from the new round
- 6.4 km - first-phase Dubai Loop route the company describes
Yes, but: The investor mix is not fully clear from the available reporting beyond Reuters' description of UAE and affiliated entities leading the round.
What's next: The next concrete milestone is whether Dubai Loop moves from partnership and pilot planning into construction of the 6.4 km first phase.