Elon Musk’s AI company, xAI, has secured $6 billion in a Series B funding round, significantly boosting its position in the industry.
Elon Musk’s xAI, a well-known artificial intelligence (AI) business, recently made the announcement that it has successfully secured a staggering $6 billion in a series B fundraising round that took place yesterday, May 26.
This is a moving announcement that is filled with optimism. With this enormous financial backing, Musk’s artificial intelligence startup has reached a key milestone.
The company has received involvement from a large number of investment giants, such as Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and many more.
xAI’s Series B Funding Round
Since its debut in July 2023, the artificial intelligence (AI) startup known as xAI has been on a stratospheric climb, rapidly acquiring major support and challenging industry pioneers such as Sam Altman’s OpenAI.
Starting with the launch of Grok-1 on X in November and continuing with the recent releases of advanced models such as Grok 1.5 and Grok 1.5 v, xAI has further solidified its position as a dominant player in the artificial intelligence business worldwide.
Additionally, the company intends to continue its “steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced,” as stated in an official announcement made by xAI.
In a post on X, Elon Musk further reaffirmed this by stating, “There will be more to announce in the coming weeks.”These words, intriguing because Musk previously hinted at ambitions to construct a supercomputer, have further sparked a frenzy across the global artificial intelligence space.
“The Information” revealed a couple of days ago that Musk, the founder of Tesla and SpaceX, plans to build a supercomputer to power the next generation of its artificial intelligence chatbot, Grok.
Furthermore, the company’s official statement stated that it will use the funds from the previously mentioned financing round to “take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.
Musk’s xAI Now Valued At $24 Bln
“Recent reports suggest that the value of xAI has surged to $24 billion, considering the previously mentioned funding round. Earlier, it was stated that investors were in discussions on the possibility of injecting $3 billion into xAI.
The goal of these discussions was to raise the firm’s value to $18,000 billion. Now, with the previously mentioned $6 billion in funding, a total evaluation of $24 billion has contributed to further establishing Musk’s artificial intelligence startup’s grip across the AI market.