The Boring Company closes $3B round as UAE bets on Musk's tunneling vision

Elon Musk’s The Boring Company has wrapped up a $3 billion Series D funding round, with the United Arab Emirates leading the investment. The deal places the tunneling startup at a $23 billion valuation, a striking jump from the roughly $5.7 billion figure attached to it back in 2022 — about a fourfold increase in just a few years.

What makes the number notable is how much of it rests on projects that haven’t broken ground yet. Rather than completed tunnel networks generating steady revenue, the valuation leans heavily on the company’s pipeline of proposed routes and the broader promise of underground transit as a solution to urban congestion.

The UAE’s role as lead investor signals continued international interest in Musk-linked infrastructure ventures, even as questions remain about how quickly The Boring Company can translate its ambitions into operational, revenue-generating tunnels.