As investors placed significant bets on rivals to OpenAI and other companies in the escalating AI race, Elon Musk’s AI startup xAI raised $6 billion in series B fundraising, achieving a post-money valuation of $24 billion.
The company said in a blog post on Sunday that investors, including Sequoia Capital and Andreessen Horowitz, supported the investment round.
According to Musk’s tweet on X, the company was valued at $18 billion before funding.
According to xAI, the funds will be utilized to construct cutting-edge infrastructure, expand research and development of new technologies, and bring the company’s initial goods to market.
After the money was announced, Musk responded in another X post, saying, “There will be more to announce in the coming weeks.”
Businesses spearheading the intense competition for generative AI domination, such as Microsoft (MSFT.O), opens new tab supported OpenAI, and Alphabet (GOOGL.O), opens new tab, are pushing large investments and innovation in the quickly changing landscape.
