The Boring Company announces $3B Series D at a $23B valuation, led by the UAE
- Raised
- $3.0B
- Valuation · +305% vs Series C
- $23B
- Lead investor
- the United Arab Emirates and affiliated investment entities
- Place in VP50
- #48
What happened
The Boring Company announced a $3 billion Series D on 9 September 2026 at a valuation of $23 billion, according to a post on its website. The round was led by the United Arab Emirates and affiliated investment entities. The company named Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, a16z, Temasek, Shamal Holding and Baron Capital among its investors, alongside other existing and new investors. TechCrunch reported the round on 10 September.
The company said the proceeds would fund more hiring in engineering, operations and production, the building and scaling of Loop projects, and research and development on its Prufrock tunneling platform and future products. It said the investment would accelerate the deployment of underground infrastructure across the UAE, including more than 150 kilometers of tunnel, in addition to the Dubai Loop project it had previously been awarded. TechCrunch noted that the Wall Street Journal had reported in July that the company was looking to raise as much as $4 billion. The sources read did not state a price per share or the terms attached to the new shares.
Key points
- The Boring Company announced a $3B Series D at a $23B valuation on 9 September 2026.12
- The United Arab Emirates and affiliated investment entities led the round.12
- The company said the deal covers more than 150 km of tunnel in the UAE, in addition to the Dubai Loop award.12
- The company said Vegas Loop had carried more than 4 million passengers.1
- The Wall Street Journal reported in July that the company was looking to raise up to $4B, per TechCrunch.2
Why it matters
The UAE and affiliated entities led the round, and the company tied the money to tunnel work in the UAE. That links the lead investor to a specific market and project pipeline behind the $23B mark.
The company pointed to Vegas Loop, which it said had carried more than 4 million passengers, the Music City Loop in Nashville, and a Dubai Loop pilot phase of 6.4 km of tunnel and four stations. The sources did not give revenue figures.
A $3B priced round at $23B gives holders of earlier shares a fresh, company-announced valuation to measure against. Per-share terms were not stated in the sources read.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Jul 25, 2019 | $920M | $120M | Unknown |
| Series C | Apr 20, 2022 | $5.7B | $675M | Sequoia Capital and Vy Capital |
| Series D | Sep 9, 2026 | $23B | $3.0B | the United Arab Emirates and affiliated investment entities |
Updated
Fact-check
- The Boring Company announced a $3 billion Series D at a $23 billion valuation.Stated by [1] The Boring Company and [2] TechCrunch, both read directly.Verified
- The round was led by the United Arab Emirates and affiliated investment entities.[1] The Boring Company gives this wording; [2] TechCrunch says the UAE led the round.Verified
- The company's announcement is dated 9 September 2026; TechCrunch reported it on 10 September 2026.[1] The Boring Company's page is dated September 9, 2026; [2] TechCrunch's article is dated September 10, 2026.Verified
- The investment covers more than 150 km of tunnel in the UAE, in addition to the previously awarded Dubai Loop project.Stated by [1] The Boring Company; [2] TechCrunch also reports plans for more than 150 kilometers of tunnels in the UAE.Verified
- The Dubai Loop pilot phase covers 6.4 km of tunnel and four stations.Stated by [1] The Boring Company.Verified
- Vegas Loop has carried more than 4 million passengers.Stated by [1] The Boring Company in its own announcement; it is a company figure not repeated by [2] TechCrunch.Verified
- The Wall Street Journal reported in July that the company was looking to raise as much as $4 billion.Stated by [2] TechCrunch, which attributes the July report to the Wall Street Journal.Verified
Sources
- [1]The Boring Company (opens in a new tab)The Boring Company Series D Funding Round AnnouncementThis landmark agreement is in addition to the Dubai Loop project previously awarded.
- [2]TechCrunch (opens in a new tab)The Boring Company raises $3B in round led by UAEThe round was led by the United Arab Emirates.
