The UAE has led a $3 billion Series D funding round for Austin-based The Boring Company (TBC), valuing the firm at $23 billion. The investment accelerates TBC’s underground point-to-point transportation tunnels that bypass surface traffic, including over 150 km of planned projects in the UAE. Already, TBC is working with Dubai’s Roads and Transport Authority to build the Dubai Loop, a 64 km tunnel set to break ground this year. The investment makes the UAE both lead funder and lead growth market for TBC’s global expansion.

Why This Matters

The UAE is backing American innovators like TBC with both the capital and commercial partnerships needed to grow. Its forward-looking approach to infrastructure creates an ideal environment for US firms to bring new ideas to market at scale. The Series D investment is expected to drive significant new hiring across engineering, production and operations at TBC's Texas facilities, delivering direct economic benefits to American workers and advancing the future of urban transportation.

Full Press Release: The Boring Company Series D Funding Round Announcement

The Boring Company is pleased to announce our Series D funding round of $3B, led by the United Arab Emirates and affiliated investment entities. The financing now values The Boring Company at $23 billion.

Building upon significant existing success collaborating with the UAE on Dubai Loop, this strategic investment will accelerate the partnership to deploy mass quantities of

underground infrastructure across the United Arab Emirates, including 150+ kilometers of tunnel. This landmark agreement is in addition to the Dubai Loop project previously awarded.

Other key investors in the round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, and Baron Capital, in addition to other valued existing and new investors.

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.

Prufrock at the Center

The company’s Prufrock tunnel-boring platform is the center of that shift. Newer machines can launch and retrieve directly from a transporter known as The Monster, eliminating the traditional launch pit, crane, and heavy civil preparation. In May 2025, The Boring Company demonstrated Zero-People-in-Tunnel (ZPIT) continuous mining, advancing the machine and erecting a full tunnel ring at the same time with no crew inside the tunnel. By August 2026, ring building was fully autonomous: six concrete segments of about 3,750 pounds each were placed with millimeter precision in less than a minute and monitored from the company’s Global Operations Control Center in Texas. Supporting systems introduced in the same period include Liner Truck 3, an all-electric segment hauler based on Tesla Model 3 battery and drive units, and Vertical Cassette 7, a continuous conveyor designed to move up to 990 tons of material per hour and support advance rates of up to four miles per week.

Vegas Loop

Vegas Loop remains the company’s operating showcase. New stations and connectors opened at Westgate, Encore, Fontainebleau, and Sahara Las Vegas. The Encore connector, linking the Las Vegas Convention Center to the Encore Resort, was completed in less than 12 weeks and finished with a craneless “porpoise” retrieval near the Wynn golf course, cutting a trip that can take 15 minutes on surface streets to about 55 seconds. The company introduced Cybertrucks into the passenger fleet, demonstrated Full Self-Driving trips on selected segments, and started limited airport service to Harry Reid International Airport while the dedicated Airport Connector tunnels (2.3 miles each) have been constructed and will open soon. In July 2025, Vegas Loop received the Transportation Security Administration’s Gold Standard Award for security, emergency preparedness, and resilience. Clark County later approved 19 additional stations, bringing the entitled network to 123 stations. The system has now carried more than four million passengers. The company recently began tunneling its 25th overall tunnel, which is the 14th tunnel in Las Vegas.

Beyond Nevada

The company began work outside Nevada. In July 2025, The Boring Company and the State of Tennessee announced Music City Loop, a privately funded underground system connecting downtown Nashville, the Music City Center, and Lower Broadway with Nashville International Airport. After receiving its Tennessee Department of Transportation permit on February 25, 2026, tunneling started the same day. The project is the company’s first in hard rock, using a Prufrock Main Beam machine with more than four million pounds of grip force and 1.5 million pounds of thrust. By August 2026, two machines were mining simultaneously, a third was in final assembly in Bastrop for shipment to Nashville, and successful votes for airport and convention-center stations, and signed residential and commercial station agreements.

Internationally, The Boring Company signed a construction contract with Dubai’s Roads and Transport Authority for the pilot phase of Dubai Loop: 6.4 kilometers of tunnel and four stations, with construction planned to begin in late 2026. Precast production for that pilot is already underway. In parallel, the company completed the Cybertunnel at Tesla’s Giga Texas factory, an industrial tunnel that reduced Cybertruck transfers from the production line to the outbound lot from about 12 minutes on State Highway 130 to less than one minute underground.

Taken together, the period marks The Boring Company’s transition from a Las Vegas convention people-mover to a repeatable tunneling system: machines that launch without pits operated remotely from Texas, deployed in both soft soil and hard rock, and built/operated both domestically and overseas.

The Mission

The Boring Company (TBC), founded by Elon Musk, aims to revolutionize transportation. The company’s mission is to:

• Solve Traffic: To solve the problem of soul-destroying traffic, roads must go 3D. Tunnels minimize usage of valuable surface land and do not conflict with existing transportation systems. A large network of tunnels can alleviate congestion in any city.
• Beautify Cities: In many major cities around the world, roads take up an extraordinary proportion of available real estate, often monopolizing an astounding 20% to 30% of space, and up to 60% if you include parking. By placing transportation systems underground, valuable surface land can be used for pedestrians, green spaces, and recreation.
• Enable Rapid Point-to-Point Transportation: Loop is an express public transportation system that resembles an underground highway more than a subway system. If a subway or traditional light rail line had 100 stops, a train would typically stop at each station, so the trip between Stop 1 and Stop 100 would be long. In contrast, Loop passengers travel directly to their destination, anywhere between Stop 1 to Stop 100, without stopping at the intermediate stations. In Las Vegas, for example, if a train stopped at every hotel on Las Vegas Blvd, a trip from the airport to the convention center would take over 25 minutes vs 5 minutes with TBC’s system. This transportation architecture can be applied intra-city (Loop) and, with increased boring speed, can be applied inter-city (Hyperloop).

The funds from the round will be used to significantly increase hiring across engineering, operations, and production, to build and scale Loop projects, including Vegas Loop, Music City Loop in Nashville, Dubai Loop, and others, in addition to accelerating the research and development of Prufrock and future products.