Elon Musk's xAI Secures $6 Billion in Funding, Valued at $24 Billion
Elon Musk's AI startup xAI has secured US$6 billion in series B funding, raising its valuation to US$24 billion. Investors, including Andreessen Horowitz and Sequoia Capital, have shown strong support for xAI. The funding will be used to bring xAI's products to market, develop advanced infrastructure, and accelerate research and development efforts.
This significant investment comes as investors place their bets on emerging challengers like xAI, aiming to disrupt established players such as OpenAI in the fiercely competitive AI race.
The funding round received strong backing from prominent investors, including Andreessen Horowitz and Sequoia Capital, as confirmed by xAI in a recent blog post. This infusion of capital marks a substantial increase from the company's pre-money valuation of $18 billion, as stated by Musk himself in a post on X.
With this substantial financial backing, xAI plans to bring its first products to market, develop advanced infrastructure, and accelerate research and development efforts for future technologies. The company expressed its excitement about the funding, stating that there will be more exciting announcements in the coming weeks, as revealed by Musk in another X post.
In the rapidly evolving landscape of generative AI, companies like Microsoft-backed OpenAI and Alphabet's subsidiaries are leading the charge for dominance. This intense competition has sparked significant investments and innovation, driving the industry forward.
Elon Musk's AI startup xAI has secured $6 billion in series B funding, raising its valuation to US$24 billion.
Investors, including Andreessen Horowitz and Sequoia Capital, have shown strong support for xAI.
The funding will be used to bring xAI's products to market, develop advanced infrastructure, and accelerate research and development efforts.
Source: REUTERS