Elon Musk’s xAI has announced a $6 billion investment from a group of investors to fund the development of artificial intelligence. The Series B funding round aims to bring xAI’s initial products to market and accelerate research efforts. According to xAI’s website, the company has made significant progress in AI development over the past year, with more advancements expected in the coming months.
The investors participating in this funding round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal, and Kingdom Holding.
Musk shared on the social media platform X that prior to this investment, xAI was valued at $18 billion.
This substantial funding positions xAI to better compete in the AI development race against major players like Microsoft (NASDAQ:MSFT) and OpenAI, the creators of ChatGPT. Musk founded xAI in July last year and introduced its AI chatbot, Grok, in November.
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