Elon Musk’s xAI has announced a $6 billion investment from a group of investors to fund its artificial intelligence development. According to the company’s website, the Series B funding round will be used to bring xAI’s first products to market and accelerate research. Over the past year, xAI has made significant progress in developing its technology, with more advancements expected soon.
Investors 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 xAI was valued at $18 billion before this investment. The new funding aims to position xAI competitively against tech giants like Microsoft (NASDAQ:MSFT) and OpenAI, the creators of ChatGPT.
Musk founded xAI in July last year and introduced its artificial intelligence chatbot, Grok, in November.
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