The Boring Company is worth $23 billion, or $5,750 per passenger carried

Elon Musk's tunnelling firm raised $3 billion in a Series D led by the United Arab Emirates, BeInCrypto reports, which puts The Boring Company at $23 billion. In April 2022 the same firm was worth $5.675 billion, so the price has multiplied by 4.05 in four years and five months.

The cheque deserves a look on its own. The 2022 round brought in $675 million; this one brought in $3 billion, which by itself covers 53% of what the entire company was worth back then.

What $23 billion owns today

The company's own Vegas Loop page puts numbers on what runs today:

• 14 stations open, against 123 approved by Clark County and the City of Las Vegas.
• 68 miles of tunnel approved, with the longest published ride running 4.9 miles.
• More than 4 million passengers carried since the first convention runs in June 2021.

Take that passenger figure at face value. Service began on 8 June 2021, which is 1,920 days ago, so the Loop has been moving around 2,080 people a day.

The monorail down the road

The Las Vegas Monorail serves the same convention centre: 3.9 miles, seven stops, running since 2004. It carried 4.3 million riders in 2022 alone, or 11,780 a day. The convention authority bought that line out of bankruptcy in 2020 for $24 million.

So the older system has half the stations and moves 5.7 times as many people every day. The newer one now carries a $23 billion price tag, which works out at $5,750 for every passenger the Loop has ever carried.

That does not make the Boring Company valuation wrong. Investors are paying for the 68 approved miles, the Dubai contract and the machines that dig them, not for the fourteen stations that exist. Our objection is narrower. The $23 billion describes a plan and the 4 million passengers describe a service, and only one of the two has happened yet.

Why the money is Emirati

The Emirati side is the part you will recognise from this beat. State money from Abu Dhabi has been buying into crypto for a while: MGX put $2 billion into Binance in March 2025 and settled it in USD1, a stablecoin barely a month old at the time, and Mubadala reports spot bitcoin ETF holdings. We went through the UAE rules that make this comfortable in some detail last week.

In return the UAE gets tunnels. The partnership covers more than 150 kilometres, on top of the Dubai Loop the company already won, and the Dubai pilot runs 6.4 kilometres with four stations. Precast production for it has started.

“Defeating traffic is the ultimate boss battle. Even the most powerful humans in the world cannot defeat traffic.”

— Elon Musk, The Boring Company, 10 September 2026

Elon Musk, in the funding announcement, 10 September 2026

Musk valuations have moved like this before. Musk's X fell from $44 billion to $9.4 billion on the books of the people who lent against it, then climbed back when it was swapped into a bigger private company.

If you want to know later whether $23 billion was right, follow stations opened rather than miles approved. The company says 14 today and 28 by the end of the year, and December will settle that one.

This article is for informational purposes only and does not constitute investment advice.