Elon Musk’s artificial intelligence startup xAI has successfully raised $6 billion in a Series B funding round, with notable investors such as Andreessen Horowitz, Sequoia Capital, Valor Equity Partners, Vy Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding showing strong support for the company’s research and development initiatives.
This substantial investment will be utilized to bring xAI’s initial products to market, enhance infrastructure, and expedite the research and development of future technologies, positioning xAI as a significant player in the competitive AI industry.
“There will be more to announce in the coming weeks,” Musk said in a post on X, in response to the announcement of the funding.
The AI race has been heating up, with several investors signing big checks for start-ups looking to compete with market leaders like OpenAI.
Though xAI did not say what it was valued at after the latest round of funding, other media reports previously suggested the company would be valued at between $18 billion and $24 billion.
