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      UAE backs Musk’s Boring Company in $3bn fundraising

      Elon Musk’s Boring Company has raised $3 billion in a funding round led by the UAE and affiliated investment entities.

      The money will accelerate development of large-scale underground infrastructure across the UAE, including more than 150km of tunnels, building on the previously announced Dubai Loop project, the company said in a statement.

      It will also go towards hiring across engineering, operations and production as the company builds and scales Loop projects, including Vegas Loop and Music City Loop in Nashville, US.

      Investors in the Series D round include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding and Baron Capital.

      The financing values the company at $23 billion.

      In October 2025 Bloomberg reported that Dubai Loop was expected to be operational by the second quarter of 2026, quoting Omar Al Olama, the UAE minister for artificial intelligence.

      Dubai signed an agreement in February 2025 to develop the network, with the initial phase including 17km of tunnels capable of carrying up to 20,000 passengers an hour.

      Last month the UAE granted approval for Musk-led Starlink to roll out satellite-based internet services across the country.

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      Source: AGBI
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