The Boring Company has secured $3 billion in a Series D funding round, bringing the company's valuation to $23 billion. This figure represents a fourfold increase compared to the company's 2022 valuation of approximately $5.7 billion.
The round was led by the United Arab Emirates and its affiliated investment entities. Other participants include Sequoia Capital, Andreessen Horowitz, Temasek, Valor Equity Partners, Vy Capital, Human Capital, Shamal Holding, and Baron Capital.
The company plans to allocate the new capital toward hiring across engineering, operations, and production, as well as scaling Loop projects and research and development for Prufrock tunnel-boring machines.
A key component of the deal involves a commitment to construct over 150 kilometers of tunnels in the UAE. This is in addition to the previously announced Dubai Loop pilot, which consists of 6.4 kilometers of tunnel and four stations, with construction scheduled to begin in late 2026.
Currently, the company's only operational passenger network is the Vegas Loop, which has transported over four million passengers. Clark County has approved a 123-station network, and the company has begun work on its 14th tunnel in Las Vegas.
