Boring Company raises $3B as UAE backs tunnel expansion

The Boring Company’s latest financing is a major private-market bet on physical infrastructure rather than software alone.

What happened

The company raised a $3 billion Series D at a $23 billion valuation. The UAE led the round, with participation from Andreessen Horowitz, Sequoia, Human Capital, Vy Capital and Valor Equity Partners.

Why it matters

The round gives the company more capital to expand tunnelling projects in the UAE and the US, while showing that sovereign investors are willing to back capital-intensive technology infrastructure at very large valuations.

The bigger picture

Gulf capital is increasingly becoming an anchor investor for ambitious US technology companies that need both financing and large deployment markets.