Dubai: Elon Musk-founded The Boring Company has raised $3 billion, about Dh11 billion, in a Series D funding round led by the UAE and affiliated investment entities, valuing the tunnelling company at approximately $23 billion. The company says the funding will help accelerate an expanded partnership to deploy more than 150 kilometres of underground infrastructure across the UAE.
The key clarification is that the Dh11 billion figure is the size of the funding round — not the construction value of a 150km UAE tunnel contract. The planned 150km-plus deployment is an expansion of The Boring Company’s UAE partnership and comes in addition to its already contracted Dubai Loop project.
Dubai’s Roads and Transport Authority signed a definitive agreement with The Boring Company in February 2026 for the Dubai Loop. Its pilot phase will include 6.4km of tunnels and four stations connecting DIFC with Dubai Mall, while the full planned alignment is up to 22.2km with 19 stations. RTA estimates the first phase at around AED565 million and the full route at about AED2 billion.
The Boring Company currently lists Dubai Loop as “Under Contract”, meaning the wider UAE announcement should not be presented as 150km of tunnels already built or operational.
