The Boring Company announced a $3 billion Series D financing round on September 9, 2026, which it says was led by the United Arab Emirates and affiliated investment entities. The company says the round values it at $23 billion and is intended to support more than 150 kilometres of underground infrastructure across the UAE, in addition to the 6.4-kilometre Dubai Loop pilot.
These figures come from the company’s own announcement.
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What the financing and UAE plan include
The Boring Company says the UAE and affiliated investment entities led the Series D round. The announcement also lists Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding and Baron Capital among the investors.
According to the company, the financing will fund hiring in engineering, operations and production, increase machine capacity and support Loop projects in Las Vegas, Nashville and Dubai. Its stated expansion plan is broader than a single construction project: the company presents the UAE partnership as a programme involving more than 150 kilometres of tunnel infrastructure.
That figure is separate from the Dubai Loop pilot described in the same announcement. The Boring Company says it has signed a construction contract with Dubai’s Roads and Transport Authority for 6.4 kilometres of tunnel and four stations. Construction is planned to begin in late 2026, while precast production is already under way, according to the company.
The announcement does not provide a route map, station list, budget or construction schedule for the broader 150-plus-kilometre UAE programme. It also does not explain the legal or financial relationship between the UAE-led financing and the Dubai Loop contract.
The proposed Loop model is an underground, road-based passenger system in which vehicles travel directly between selected stations rather than stopping at every intermediate station. That can be technically different from conventional rail, but the eventual capacity, safety arrangements, accessibility, evacuation procedures and operating performance depend on the completed system design.
The technical case for scaling
The company identifies its Prufrock tunnelling platform as the centre of its expansion strategy. Tunnel-boring machines excavate material at the cutting face while a support system is installed behind it. Precast concrete segments are commonly assembled into rings that line and support the tunnel.
The Boring Company says newer Prufrock machines can be launched and retrieved directly from a transporter called The Monster. This is intended to avoid a traditional launch pit, crane and heavy civil preparation. Launch and retrieval arrangements can affect preparation time, surface disruption and the amount of supporting construction required, although the announcement does not provide independent data showing how much time or cost this approach saves on completed projects.
The company also describes a series of automation milestones:
- In May 2025, it says it demonstrated “Zero-People-in-Tunnel” continuous mining, advancing the machine and erecting a complete tunnel ring without crew inside the tunnel.
- By August 2026, it says ring building was fully autonomous. Six concrete segments weighing about 3,750 pounds each were placed with millimetre precision in less than one minute.
- The company says this process was monitored from its Global Operations Control Center in Texas.
Other systems are intended to support the tunnelling process. The company describes Liner Truck 3 as an all-electric segment hauler using Tesla Model 3 battery and drive units. It says Vertical Cassette 7 is a continuous conveyor designed to move up to 990 tons of material per hour and support advance rates of up to four miles per week.
These are separate machine and subsystem claims, not evidence of a demonstrated system-wide construction rate. The announcement does not provide independent engineering assessments, project cost data or comparative results against conventional tunnelling methods.
Ground conditions are another important variable. The company says its Nashville project is its first hard-rock project and uses a Prufrock Main Beam machine with more than four million pounds of grip force and 1.5 million pounds of thrust. Hard-rock tunnelling generally requires different cutting, gripping, thrust and ground-support strategies from work in softer ground, so performance in one environment cannot be assumed to transfer directly to another.
Where the programme stands
The company presents Vegas Loop as its main operating showcase. It says the system has opened stations or connectors at Westgate, Encore, Fontainebleau and Sahara Las Vegas, and that the Encore connector was completed in less than 12 weeks.
The company reports that the Encore connector reduced a trip described as taking 15 minutes on surface streets to about 55 seconds underground. It also says Clark County approved 19 additional stations, bringing the entitled Vegas Loop network to 123 stations. The announcement claims that Vegas Loop has carried more than four million passengers and that the company has begun tunnelling its 25th overall tunnel and 14th in Las Vegas.
The figures are company-reported. The supplied material does not include independent measurements of travel times, passenger numbers, fares, waiting times, vehicle capacity, reliability or safety.
The Nashville project represents a different technical setting. The company says Music City Loop received a Tennessee Department of Transportation permit on February 25, 2026, with tunnelling beginning the same day. By August 2026, it says two machines were mining simultaneously and a third was in final assembly for shipment to Nashville.
The programme also includes a completed industrial tunnel at Tesla’s Giga Texas factory. The company says the tunnel reduced Cybertruck transfers from about 12 minutes on State Highway 130 to less than one minute underground. This is an industrial transport application rather than evidence that a public passenger network has achieved the same performance.