The Boring Company raises $3B at $23B in a round led by the UAE

Elon Musk’s tunneling venture, The Boring Company, has raised $3 billion in a Series D round led by the United Arab Emirates, at a valuation of $23 billion. The company dated its announcement September 9, 2026, and CNBC reported the news broke late Wednesday.

What the money buys is a country. The round comes with a partnership to deploy more than 150 kilometers of tunnel across the UAE, which CNBC converts to 93 miles, on top of the Dubai Loop work already awarded. That earlier pilot still looks modest next to it, because it covers just 6.4 kilometers of tunnel and four stations for Dubai’s Roads and Transport Authority, with construction planned to begin in late 2026.

The rest of the cap table is the familiar Musk syndicate, so the names should not surprise anyone. Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital all took part. CNBC notes these are largely the same names that backed Tesla, SpaceX and the 2022 Twitter buyout, so the round tells you more about Musk’s investor base than about tunneling.

Figure	Value	Source
Series D size	$3B	The Boring Company
Post-money valuation	$23B	The Boring Company
Tunnel committed across the UAE	150+ km (93 miles)	Company, CNBC
Dubai Loop pilot	6.4 km, 4 stations	The Boring Company
Vegas Loop tunnel in service today	roughly 4 miles	Business Insider
Vegas Loop stations entitled	123	The Boring Company
Passengers carried to date	more than 4 million	The Boring Company

That table is where the valuation gets awkward. The company says it has carried more than four million passengers and holds 123 entitled stations after Clark County approved 19 more, and it recently began its 25th tunnel overall, the 14th in Las Vegas. But Business Insider puts the working Vegas Loop at roughly 4 miles of tunnel, against a plan for around 68 miles.

Over the past two years, The Boring Company has grown from a single operating Loop system to a multi-city tunneling program, pairing faster machine design with the first hard-rock project, the first international construction contract, and a substantial expansion of Vegas Loop.

The Boring Company, Series D announcement

The hard-rock claim is the one to weigh, because it’s the company’s first tunnel driven through rock rather than soil. The company received its Tennessee Department of Transportation permit on February 25, 2026, and says tunneling started that same day on the Music City Loop. CNBC reports a Vanderbilt University survey in March found most Nashville residents didn’t want the tunnels, and the company broke ground a month before that survey ran.

But the counter-reading is a decade of shelved maps. CNBC records that Boring abandoned its Los Angeles projects in 2018, while plans in Chicago and the Washington DC area never came to fruition. Some communities stay wary over safety and environmental history, and ProPublica reported hundreds of environmental violations in Las Vegas, per CNBC. The Baltimore Ravens won a free one-mile tunnel in the company’s Tunnel Vision Challenge, then turned it down.

Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic.

Elon Musk, quoted on The Boring Company’s Series D page

The terms are worth reading too, because they’re unusual. TechCrunch notes the Wall Street Journal reported in July that the company was seeking as much as $4 billion, so $3 billion is a shortfall against that target. Business Insider adds that the Journal reported last week that investors were told they’d have to help with recruiting or business deals to get into the round, a detail Musk appeared to confirm on X.

Even so, the demand is real, and it sits inside a wider Musk fundraising run. Business Insider frames the round as the latest cash injection after SpaceX’s record public listing in June, which it puts at $86 billion. Musk’s response to the tunneling round was four words on X, as CNBC recorded: “Congrats Boring Company team!”

So watch the hard rock and the calendar rather than the valuation. If the Nashville machines keep mining limestone at pace and Dubai construction starts in late 2026 as planned, the $23 billion has something under it. If they slip, this looks like the Los Angeles map again, only larger. CNBC says the company didn’t respond to its request for comment.