Boring Co. raises $3 billion at $23 billion valuation with UAE backing

9/13/2026

The Boring Co. raises $3B to expand tunnel projects and hit $23B valuation UAE-led funding boosts Middle East plans and keeps Vegas work moving forward

Elon Musk’s tunneling company, The Boring Co., has raised $3 billion in new funding and is now valued at $23 billion, according to the company. The round was led by the United Arab Emirates, which is supporting the firm’s push to expand in the Middle East. The company says it plans to build more than 150 kilometers of tunnels in the UAE, including the Dubai Loop project announced earlier. The Boring Co. is also continuing work in Las Vegas, where its only publicfacing system currently operates. The company has announced a number of projects over the years, but several have not moved forward. Its growth has attracted support from longtime Musk backers such as Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek and Baron Capital.