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Elon Musk raises $6 billion for AI company

by Pieter Werner

xAI has announced the completion of its Series B funding round, raising $6 billion. The funding round saw participation from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and Prince Alwaleed Bin Talal’s Kingdom Holding, among others. Combined with earlier investments the value of the company is already $ 24 billion.

Since its inception in July 2023, xAI has made progress in developing its AI models. The company released Grok-1 in November 2023 on the X platform and has since introduced improved versions, Grok-1.5 with long context capability and Grok-1.5V featuring image understanding. The open-source release of Grok-1 has enabled advancements in various applications and optimizations.

The newly raised funds will be allocated to bringing xAI’s initial products to market, building advanced infrastructure, and accelerating research and development efforts.

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