Elon Musk’s artificial intelligence startup, xAI, has raised $6 billion in new capital, according to a regulatory filing. The funding round values the company at over $40 billion and is part of an ongoing effort by Musk to build out his AI ambitions. This latest funding brings the total value of xAI to more than $24 billion after a separate $6 billion round was closed in May.
The funding comes from 97 investors, with stakes ranging from $77,593 to larger investments. Sequoia Capital and Andreessen Horowitz, also investors in Musk’s other ventures like X (formerly Twitter), are among the companies backing xAI. The funds will be used for various purposes, including the expansion of xAI’s supercomputer facility in Memphis, which has become a major hub for technology companies.
xAI’s main product, Grok, is available to paying users on Musk’s social network, X. The company’s growing footprint is attracting other notable tech firms like Nvidia, Dell Technologies, and Super Micro Computer to the area. Despite the significant investment, xAI did not disclose its valuation or revenue in the filing.
Source: https://finance.yahoo.com/news/musk-xai-wraps-6-billion-224332509.html