Elon Musk's The Boring Company has secured $3 billion in new funding, with UAE-backed investment supporting an ambitious expansion of underground transport infrastructure across the Emirates and other global markets.
Elon Musk’s underground transportation ambitions have secured another substantial injection of capital, and the UAE is taking a leading role in the company’s next phase.
The Boring Company has raised $3 billion in a new funding round at a $23 billion valuation, marking a significant increase from its $5.7 billion valuation following a $675 million raise in 2022.
The round was led by the UAE and affiliated investment entities, with participants including Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital.
More Than 150 Kilometres Planned for UAE
The capital is expected to support an expanded partnership to develop more than 150 kilometres of underground infrastructure across the UAE, building on the previously announced Dubai Loop project.
The company also plans to increase hiring across engineering, production and operations while expanding Loop projects in Las Vegas, Nashville and Dubai.
The UAE connection is particularly significant. In 2025, The Boring Company and Dubai’s Roads and Transport Authority signed a preliminary agreement for the Dubai Loop, envisioned as an underground high-speed transport network.
The latest investment suggests that the UAE could become one of the company’s most important markets as its tunnelling model moves beyond its existing US operations.
From $5.7 Billion to $23 Billion
The new valuation represents a roughly fourfold increase from 2022 and reflects investor interest in the company’s approach to underground mobility.
Musk founded The Boring Company with the idea that urban congestion could be addressed by moving more transportation underground. Its Loop concept uses networks of tunnels to carry passengers between destinations while reducing reliance on surface roads.
With fresh capital, expanding international projects and more than 150 kilometres of UAE infrastructure envisaged, the company’s next chapter will increasingly depend on converting that vision into infrastructure at much greater scale.
For the UAE, the investment also aligns with its continuing interest in new mobility technologies and large-scale urban infrastructure; putting the Emirates firmly within The Boring Company’s global expansion plans.
Sources: The Boring Company; Reuters; TechCrunch.
