The Boring Company raised $3 billion in a Series D round at a $23 billion valuation, led by the United Arab Emirates, as Elon Musk's tunneling venture pushes to dig mass underground infrastructure across the Gulf.

The UAE and affiliated investment entities anchored the round, joined by Sequoia, a16z, Temasek, Vy Capital, Valor Equity Partners, Baron Capital, Human Capital and Shamal Holding. The capital funds more than 150 kilometers of tunnel across the Emirates, accelerates the Dubai Loop, and expands the Las Vegas Loop plus a new Music City Loop in Nashville. The Dubai Loop begins with a 6.4-kilometer pilot of four stations, with construction starting late 2026.

The Vegas Loop, the company's flagship system, already counts 123 entitled stations and has carried more than 4 million passengers. "Defeating traffic is the ultimate boss battle," Musk said, framing the raise as fuel for a global build-out that turns short tunnel pilots into metro-scale networks.

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