The Boring Company

Tunneling · Infrastructure · Transportation

Funding

The Boring Company raises $3B Series D at $23B valuation

Investors in the deal agreed to help recruit workers and open doors with city officials, or risk losing their shares.

• The Boring Company raised $3 billion in a Series D round valuing the tunneling startup at $23 billion, led by the United Arab Emirates and affiliated investment entities including Shamal Holding.
• Founded by Elon Musk to dig tunnels beneath cities, the company's Loop system has carried more than four million passengers through 11 stations in Las Vegas since 2021.
• Proceeds will fund an expanded UAE partnership to build more than 150km of tunnels, on top of the existing Dubai Loop contract, plus hiring and further work on the Prufrock boring platform.
• Investors in the round reportedly agreed to help recruit workers or make introductions to city officials, with the company able to claw back their shares if they don't deliver — a term Musk confirmed with a single word, "True."
• The new $23 billion valuation is roughly four times what The Boring Company was worth in 2022, according to reports.
• The equity terms signal that boring machines aren't the real constraint on tunneling startups — municipal permits and political access are, and this round effectively prices that access into the cap table.