Arab Finance: The UAE and affiliated investment entities have led a $3 billion Series D funding round in Elon Musk’s tunneling startup The Boring Company, with Dubai-based diversified investment firm Shamal Holding also joining the investment.
The financing valued the company at $23 billion. The capital will accelerate plans to build more than 150 kilometers of underground infrastructure across the UAE, expanding the company’s existing relationship with the country beyond the previously awarded Dubai Loop project.
The Boring Company has signed a construction contract with Dubai’s Roads and Transport Authority (RTA) for the Dubai Loop pilot phase, which will comprise 6.4 kilometers of tunnels and four stations. Construction is scheduled to begin in late 2026.
Alongside the UAE-linked backers, the round drew participation from Dubai-based diversified investment firm Shamal Holding, San Francisco-based multi-stage venture capital firm Human Capital, Dubai-based investment firm Vy Capital, Chicago-based private investment firm Valor Equity Partners, Menlo Park-based venture capital firm Sequoia Capital, Silicon Valley-based venture capital firm Andreessen Horowitz (a16z), Singapore-headquartered global investment company Temasek, and New York-based asset management firm Baron Capital, as well as other new and existing investors.
