artificial intelligence

Elon Musk’s xAI raises $6 billion in fresh funding

Reuters

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Elon Musk’s xAI raises $6 billion in fresh funding

MUSK. Elon Musk, chief executive officer of SpaceX and Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, June 16, 2023

Gonzalo Fuentes/Reuters

xAI says the money will be used to take xAI's first products to market, build advanced infrastructure, and accelerate research and development of future technologies

Elon Musk’s artificial intelligence startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital among others, the company said in a blog post on Sunday, May 26.

The money will be used to take xAI’s first products to market, build advanced infrastructure, and accelerate research and development of future technologies, xAI said.

“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.

Reuters could not immediately verify the valuation with xAI. – Rappler.com

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