Elon Musk’s tunneling startup The Boring Company has secured $3 billion in Series D funding, reaching a $23 billion valuation as it prepares for its largest international infrastructure expansion to date.

The round was led by UAE-based entities and included participation from Shamal Holding, Vy Capital, Human Capital, Valor Equity Partners, Sequoia Capital, Andreessen Horowitz (a16z), Temasek and Baron Capital, alongside other existing and new investors.

The new capital will support plans to deploy more than 150 kilometers of underground infrastructure across the UAE, building on the company’s existing collaboration in the country through the Dubai Loop project.

“Building upon significant existing success collaborating with the UAE on Dubai Loop, this strategic investment will accelerate the partnership to deploy mass quantities of underground infrastructure across the UAE,” The Boring Company said.

From Dubai Loop to a UAE-Wide Underground Network

The new investment significantly expands the scale of The Boring Company’s ambitions in the Emirates.

The company had already secured the Dubai Loop project, which is intended to introduce its tunnel-based transportation system to Dubai. The newly announced 150-kilometer deployment comes in addition to that previously awarded project.

The Boring Company’s Loop model uses underground tunnels to transport passengers, with the company pointing to its existing operation in Las Vegas as evidence that the technology has moved beyond its experimental stage.

According to Shamal Holding, the company’s Loop system has transported more than four million passengers in Las Vegas since 2021.

“The technology has moved beyond proof of concept,” Shamal Holding said, without disclosing the size of its investment in the latest round.

The UAE expansion would represent a major increase in the scale at which the technology is deployed internationally, extending underground infrastructure across the country rather than limiting operations to a single demonstration route.

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$23 Billion Valuation

The Series D financing values The Boring Company at $23 billion, giving Musk’s infrastructure venture substantial new capital to pursue its growing project pipeline.

The round brings together several major global investment firms alongside UAE investors, reflecting investor appetite for the company’s underground mobility technology as it moves into larger commercial deployments.

The company has spent years developing systems intended to reduce congestion by moving transportation infrastructure underground.

Its most established commercial deployment remains the Vegas Loop, while the company has also expanded its pipeline into other markets.

In 2026, The Boring Company broke ground on another tunnel project in Nashville, Tennessee, alongside its expansion plans in Dubai and the wider UAE.

UAE Emerges as a Major Market for The Boring Company

The funding positions the UAE as one of the most important markets in The Boring Company’s next stage of growth.

Rather than deploying a limited pilot, the company plans more than 150 kilometers of tunnels, potentially creating one of the world’s largest deployments of its underground transportation infrastructure.

The expansion also comes as the UAE continues investing heavily in next-generation transportation, artificial intelligence and advanced infrastructure, while attracting global technology companies seeking large-scale environments in which to deploy emerging technologies.

For The Boring Company, the combination of fresh capital and a major UAE deployment could provide an opportunity to demonstrate whether its Loop technology can scale from individual projects into a much broader transportation network.

The Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) is advancing research aimed at making artificial intelligence better understand Arabic and its diverse dialects, as the UAE expands its ambitions beyond AI infrastructure into locally relevant models, datasets and research talent.

At the center of that work is Dr. Hanan Aldarmaki, Director of the Center for Teaching and Learning and Assistant Professor of Natural Language Processing at MBZUAI, whose research focuses on natural language and speech processing, particularly Arabic and other low-resource languages and dialects.

Aldarmaki joined MBZUAI in 2022, becoming the university’s first woman and first Emirati faculty member. Alongside her research, she teaches and supervises AI researchers and leads the university’s teaching and learning activities.

Her work addresses a significant technical challenge for AI development in the Arab world. Arabic is not a single uniform spoken language, with regional and local dialects differing considerably in vocabulary, pronunciation and usage. AI systems trained primarily on widely available languages or formal Arabic can therefore struggle to accurately understand everyday speech.

That makes developing local datasets and language technologies important not only for AI performance, but also for ensuring that emerging systems reflect the people and cultures they are intended to serve.

Ramsa Lab Targets Spoken Emirati Arabic

One initiative addressing that challenge is Ramsa Lab, which focuses on documenting spoken Emirati dialects and developing resources that can help AI systems understand them more accurately.

The work has implications beyond speech recognition.

A substantial part of the UAE’s intangible cultural heritage has historically been transmitted orally rather than through written records. Documenting spoken language can therefore preserve linguistic and cultural knowledge while simultaneously creating datasets that researchers can use to develop more representative AI systems.

This intersection between language technology and cultural preservation is becoming increasingly relevant as generative AI and language models become embedded across search, translation, education, digital assistants and other everyday applications.

Systems that fail to understand local dialects risk excluding linguistic nuances from those experiences. Conversely, better representation of Emirati speech could help developers build applications that communicate more naturally with local users while retaining characteristics of the country’s linguistic identity.

For Aldarmaki, the underlying question is whether technology can accurately understand the communities it is ultimately designed to serve.

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Arabic Remains a Complex Challenge for AI

Natural language processing systems typically improve as they gain access to larger and more diverse datasets. That creates an inherent disadvantage for languages and dialects where high-quality digital training material is relatively limited.

Arabic adds further complexity because written Modern Standard Arabic coexists with numerous spoken dialects across the Middle East and North Africa.

Even within individual countries, pronunciation and vocabulary can vary across communities and generations. Capturing those variations requires research and data collection that goes considerably deeper than translating existing English-language AI systems into Arabic.

MBZUAI’s work around Arabic and low-resource language processing consequently fits into a broader effort to build AI capabilities rooted in the region itself.

For the UAE, such research complements investments in computing infrastructure and AI development by addressing another layer of technological sovereignty: ensuring that the underlying systems can understand local language, context and culture.

Emirati Women Take Larger Role in AI Research

Aldarmaki’s career also reflects the UAE’s effort to build domestic research talent, particularly among Emirati women.

Female students account for 54% of MBZUAI’s Emirati student population in its 2026–27 cohort, according to the university figures cited in the source.

Aldarmaki herself studied internationally before returning to the UAE. She holds an MPhil from the University of Cambridge and a PhD in Computer Science from George Washington University.

Her current role places her on both sides of the country’s AI talent pipeline: conducting research while teaching and supervising researchers who could contribute to future AI development.

For students considering careers in the field, Aldarmaki emphasizes building genuine technical expertise. Understanding the underlying science, concepts and technology gives researchers the ability not simply to participate in AI adoption but to influence how systems are designed and where the technology develops next.

UAE’s AI Ambition Expands From Infrastructure to Identity

The research illustrates a broader dimension of the UAE’s AI strategy.

Building computing infrastructure and sophisticated models can establish technological capacity, but locally relevant AI also depends on data, researchers and systems capable of understanding the languages and social contexts in which they operate.

Projects documenting Emirati speech could consequently serve two purposes: preserving elements of the country’s oral heritage and providing technical resources for a new generation of Arabic-language AI applications.

Aldarmaki also cautions against treating technological capability itself as the ultimate objective. AI, in her view, remains a tool whose value depends on how it contributes to human prosperity and a sustainable future.

For MBZUAI and the researchers working on Arabic language technologies, that creates a challenge extending beyond making AI more capable. It means developing systems that can understand communities in their own language — including the dialects, expressions and cultural knowledge that conventional datasets can overlook.

Saudi Arabia’s HUMAIN has taken its first practical steps toward a potential initial public offering, with CEO Tareq Amin recruiting specialists to build the financial strategy and investor narrative needed for an eventual listing.

The move marks a shift from HUMAIN’s previously stated long-term IPO ambition toward internal preparation. Amin said in a LinkedIn recruitment post that the company is looking for professionals with backgrounds in management consulting, corporate strategy and finance, as well as direct experience in investor-facing strategy and IPO preparation.

The recruitment does not mean a public offering is imminent. HUMAIN has not announced a timetable, valuation, offering size or the start of formal listing procedures. However, building a dedicated IPO preparation capability provides a clearer indication that the company is beginning to develop the internal infrastructure required to eventually access public markets.

That preparation comes little more than a year after HUMAIN was established under Saudi Arabia’s Public Investment Fund (PIF) and as the company rapidly builds an AI business spanning data centers, cloud infrastructure, models and applications.

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HUMAIN Wants to Build Its Investor Story

The positions outlined by Amin go beyond conventional financial analysis. HUMAIN is specifically seeking people capable of understanding complex businesses, challenging strategic assumptions and translating them into a compelling investment narrative for public-market investors.

Candidates are also expected to produce investor presentations and other materials to a global standard, combining financial and strategic analysis with the ability to communicate HUMAIN’s business model clearly.

That task could be particularly important for a company attempting to operate across multiple layers of the AI value chain.

Unlike an AI startup built around a single software product or foundation model, HUMAIN is developing businesses across capital-intensive infrastructure, computing, cloud services, AI models and applications. An eventual public-market proposition would therefore need to explain how those different businesses connect, where revenue and margins are generated, and how substantial infrastructure investment translates into long-term shareholder value.

Amin described the positions as different from conventional strategy roles, seeking a combination of consulting experience, financial depth, strategic thinking and investor communication skills.

Saudi and Nasdaq Listings Have Been Part of the Plan Since 2025

HUMAIN’s public-market ambitions are not new.

In October 2025, Amin said the company ultimately intended to list in both Saudi Arabia and on Nasdaq, pointing at the time to a potential timeframe of approximately three to four years.

The latest recruitment initiative does not alter that timeline or confirm that either listing will proceed. Instead, it indicates that HUMAIN is beginning some of the preparatory work well before any formal IPO process.

For a company of HUMAIN’s scope, that preparation can extend far beyond regulatory filings. It includes developing financial reporting and governance capabilities, defining key performance indicators and creating a coherent explanation of the company’s economics and growth prospects for prospective investors.

The possibility of listings in both Saudi Arabia and the US would also require HUMAIN to build an investment proposition capable of addressing domestic investors as well as global institutions assessing the company against international AI and technology businesses.

HUMAIN Is Building Across the AI Stack

Launched in May 2025 under PIF, HUMAIN was created to develop an integrated Saudi AI ecosystem extending from physical computing infrastructure to software and applications.

The company has since pursued partnerships and investments across data centers, chips, cloud computing and AI platforms as Saudi Arabia accelerates its efforts to establish itself as a major global AI infrastructure market.

HUMAIN has also been expanding its relationships with international technology companies. Its work with AWS, for example, includes plans to expand AI infrastructure, make HUMAIN Fabric available through AWS Marketplace and offer its ALLAM model through Amazon Bedrock.

Those activities form part of a broader full-stack strategy: securing the computing capacity needed to run AI workloads while simultaneously developing platforms, models and applications that can use that infrastructure.

The scale of that strategy also creates a challenge for any future IPO. Data centers and advanced computing require substantial upfront capital, meaning investors would likely focus closely on utilisation, revenue growth, capital efficiency and HUMAIN’s ability to turn infrastructure spending into recurring commercial demand.

IPO Preparation Marks HUMAIN’s Next Phase

HUMAIN remains at an early stage of its potential journey toward public markets. No final IPO decision, listing date or transaction structure has been announced, and recruiting an IPO preparation team should not be interpreted as confirmation that an offering will take place.

Still, the move represents a notable progression from publicly discussing an eventual listing to recruiting people specifically tasked with preparing the company for that possibility.

The coming years will determine what that investment story ultimately looks like.

HUMAIN will need to demonstrate not only that Saudi Arabia can deploy AI infrastructure at significant scale, but that the company can convert its data centers, computing resources, models, platforms and global partnerships into a sustainable commercial business.

If that strategy develops as planned, a future dual-market listing could eventually give public investors exposure to one of Saudi Arabia’s most ambitious attempts to build a globally competitive AI company.

For now, HUMAIN is beginning the work that comes before that point: assembling the team capable of turning an expansive AI strategy into a financial and investment case that public markets can evaluate.