About The Boring Company
The Boring Company digs tunnels for transit, utilities and freight. It designs and builds its own tunnel boring machine, Prufrock, which starts digging straight from the surface and lines the tunnel as it goes. In its tunnels the company also runs Loop, an underground system in which Teslas take riders directly to their station without stopping along the way.
Vegas Loop has carried more than 4 million passengers, and local officials have approved 68 miles of tunnel and 123 stations. The company is also digging Music City Loop in Nashville, holds a contract for a Dubai Loop pilot and built the Cybertunnel at Tesla's Texas factory. Elon Musk founded the company in 2017. It has headquarters in Bastrop, Texas, and Las Vegas, and Steve Davis is its president.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Sep 10, 2026 | $3,198,599,250of $3.42B target | 141 | $22.6M | Equity, Debt, Securities on exerciseRule 506(b) | Form D ↗ |
| Apr 20, 2022 | May 2, 2022 | $675,285,773fully sold | 38 | $17.7M | EquityRule 506(b) | Form D ↗ |
| Jul 19, 2019 | Jul 26, 2019 | $117,068,740of $120.0M target | 20 | $5.8M | EquityRule 506(b) | Form D ↗ |
| Apr 6, 2018 | Apr 16, 2018 | $112,520,000fully sold | 31 | $3.6M | EquityRule 506(b) | Form D ↗ |
| Total, four offerings | $4,103,473,763 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by The Boring Company
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Sep 9, 2026 | Series D | $3B | United Arab Emirates and affiliated investment entities (co-leads), Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding, Baron Capital | boringcompany.com ↗ Electrek ↗ |
| Apr 20, 2022 | Series C | $675M | Vy Capital and Sequoia Capital (co-leads), Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, DFJ Growth, Brookfield, Lennar, Tishman Speyer, Dacra | boringcompany.com ↗ |
Why Investors Backed The Boring Company
The Boring Company raised $3 billion in September 2026 at a $23 billion valuation, about four times its 2022 price. It builds its own boring machines and runs Loop, a Tesla transit system, in the tunnels it digs. Its Las Vegas system already carries paying riders, and work is under way in Nashville and Dubai. The United Arab Emirates led the round, and the deal is expected to speed up plans for more than 150 kilometers of tunnel there.
The problem it targets
Elon Musk founded the company in 2017 to fight traffic. “Defeating traffic is the ultimate boss battle,” he says in its funding announcement. The Boring Company's case is that roads take 20% to 30% of the space in many big cities, so new roads must go underground. But tunnels are slow and costly to build. In 2022, the United States had built less than 20 miles of subway tunnel in 20 years.
What the product does
The heart of the business is Prufrock, a tunnel boring machine the company designs and builds in Bastrop, Texas. It arrives on a truck and tilts straight into the ground, so crews skip the usual launch pit. It also lines the tunnel while it digs, and operators run it remotely with nobody inside. The company targets one mile of tunnel per week at under $5 million per mile, all in. In the finished tunnels, Teslas take Loop riders straight to their station. The 4.9-mile ride from the Las Vegas airport to the convention center takes five minutes and costs $14.
Progress so far
Vegas Loop has carried more than 4 million passengers, and local officials have approved 68 miles of tunnel and 123 stations. Its first system there, the convention center loop, cost about $47 million under a fixed-price contract. The work is now spreading. Tunneling in Nashville began on February 25, 2026, the day the state permit arrived, and two machines were digging by August. In Dubai, the Roads and Transport Authority signed a contract for a 6.4 km pilot that it expects to cost about $154 million.
Who backs it
The United Arab Emirates and affiliated investment entities led the $3 billion Series D. Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, Temasek, Shamal Holding and Baron Capital also invested. Vy Capital and Sequoia Capital led the $675 million Series C in April 2022. SpaceX owns a stake, and it booked a $561 million unrealized gain on it in the third quarter of 2026, CNBC reported. Antonio Gracias of Valor, Baris Akis of Human Capital, John Hering and Jared Birchall are directors. Some backers also had to help with hiring or business introductions, the Wall Street Journal reported.
How the market is moving
Investors are paying up for Musk's companies. SpaceX raised $86 billion in a record IPO in June 2026, and Business Insider reported secondary-market prices for Neuralink as high as $42 billion. Governments are signing on as well. Dubai moved from a study agreement in February 2025 to a construction contract in February 2026. Tennessee's transport department approved 25 miles of tunnel under state roads in February 2026, and Clark County has approved 19 more Las Vegas stations.
We wrote this summary from public statements by The Boring Company and its investors. It is not investment advice.
The Boring Company in the News
- SpaceX records $561 million investment gain from stake in Elon Musk's Boring Co.
- The Boring Company is digging under Music City Center. Greater sinkhole, pollution risks lie ahead
- Boring Co.’s Prufrock tunneling machine arrives at San Antonio theme park
- The Boring Company raises $3 billion as demand for Musk Inc booms
- Musk’s Boring Co. Pushes Investors for Recruiting, Business Help
- Elon Musk’s Boring Company reportedly raising funding at a $20B valuation
- After a decade of silence, Elon Musk’s tunneling startup and its reclusive president, are hitting the media circuit
Leadership Team
Executive officers and directors listed on The Boring Company's Form D filed Sep 10, 2026.
Earlier filings also listed Elon Musk (executive officer, last listed May 2022), Arun Prakash (executive officer, last listed May 2022) and Jeff McIntosh (executive officer, last listed Jul 2019).
Sources
- SECTBC - The Boring Co filing history
- Companyboringcompany.com, Prufrock
- Companyboringcompany.com, Loop
- Companyboringcompany.com, Tunnels
- Companyboringcompany.com, Vegas Loop
- Companyboringcompany.com, Dubai Loop
- Companyboringcompany.com, Music City Loop announcement (July 28, 2025)
- Companyboringcompany.com, Music City Loop blog (Oct 1, 2026)
- Companyboringcompany.com, Careers
- Companyshop.boringcompany.com, privacy policy
- InvestorValor Equity Partners, Antonio Gracias bio
- InvestorHuman Capital, team page
- InvestorHuman Capital, portfolio
- PressThe Wall Street Journal via Mint, Sept 4, 2026
- PressFortune, Mar 6, 2025