SAN FRANCISCO (AP) — A group of investors will put up $6 billion to fund development of artificial intelligence by Elon Musk’s xAI. The company said on its website Sunday that the Series B funding round will be used to take xAI’s first products to market and speed up research.
By Anna Cooban, CNN London (CNN) — The AI firm founded by Elon Musk has raised another $6 billion from investors, including Silicon Valley venture capitalists and a Saudi prince, boosting its valuation to $24 billion.
Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.
SAN FRANCISCO (AP) — A group of investors will put up $6 billion to fund development of artificial intelligence by Elon Musk’s xAI. The company said on its website Sunday that the Series B funding round will be used to take xAI’s first products to market and speed up research.
Mr. Musk, who founded xAI last year, has said the business “still has a lot of catching up to do” as it looks to compete with well-funded companies like OpenAI.
xAI, an artificial intelligence startup founded by Elon Musk, got a $6 billion boost, constituting one of the AI industry's largest-ever funding rounds to date.
Elon Musk's artificial intelligence company xAI announced a $6 billion Series B investment round that increases its valuation to $24 billion, according to Musk.
The money will be used to take xAI's first products to market, build advanced infrastructure, and accelerate research and development of future technologies.
In a significant move to cement its position in the AI industry, Elon Musk’s xAI has secured $6 billion in Series B funding from investors including Saudi Arabia's Kingdom Holding.
