The UAE led the investment. Musk's Boring Co. raised 3 billion US dollars, and the post-investment valuation surged to 23 billion US dollars

The Zhitong Finance App learned that on September 9, Musk's tunnel construction startup The Boring Company issued a statement saying that the company has completed a new round of financing of 3 billion US dollars, and the post-investment valuation reached 23 billion US dollars.

According to reports, this round of financing was led by the UAE and its associated investment entities. Other investors include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz (a16z), Temasek, Shamal Holding, and Baron Capital, as well as existing and new investors.

The company said the funding round will support its large-scale deployment of underground transportation infrastructure in the UAE, including the construction of more than 150 km (93 miles) of tunnels. The partnership is based on the announced Dubai Loop (Dubai Loop) project, which the company says is in addition to the previously awarded Dubai Loop project.

In addition to the UAE project, The Boring Company plans to use this funding to increase engineering, production, and operations staff recruitment while expanding loop projects in Las Vegas, Nashville, and Dubai. In 2025, the company signed a preliminary agreement with the Dubai Roads and Transport Authority to build the Dubai Ring Road, an underground high-speed transit network.

This latest financing also marks a sharp jump in the company's valuation compared to 2022. In 2022, The Boring Company was valued at about US$5.7 billion after completing US$675 million in financing. The company was founded by Musk in 2017 due to his dissatisfaction with traffic jams and then proposed the idea of building an underground traffic route network.