Musk's Boring Company raises $3B in UAE-led round, valuation hits $23B
Elon Musk's tunneling venture Boring Company raised a $3 billion Series D led by the UAE, valuing the company at $23 billion — roughly 4x its 2022 valuation, backed by many of the same investors as Tesla and SpaceX.
Elon Musk's tunnel-digging startup, The Boring Company, closed a $3 billion Series D funding round led by the United Arab Emirates, it was announced September 9-10. The round values the company at $23 billion, about four times its $5.7 billion valuation in 2022.
The funding is led by Gulf capital, and Boring Company plans to use it to build roughly 150 kilometers (93 miles) of tunnels across the UAE, including the Dubai Loop project first announced in February of the prior year.
Investors in the round include Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Singapore's Temasek, and Baron Capital — largely the same investor base that has backed Tesla, SpaceX, and Musk's 2022 Twitter acquisition.
There's no direct financial link to Tesla, but the round underscores how Musk's various ventures continue to draw premium valuations from an overlapping investor network, a signal shareholders often read as a proxy for confidence in his broader ecosystem.
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