In an escalating AI competition, investors place large bets on challengers to industry leaders like OpenAI. Elon Musk’s AI startup xAI is raising $6 billion in Series B funding and reaching a post-money valuation of $24 billion.
xAI announced in a blog post that Sequoia Capital and Andreessen Horowitz backed the investment round.
In an X post, Musk revealed the company’s pre-money valuation was $18 billion.
xAI plans to use the funds to build cutting-edge infrastructure, launch its initial products, and accelerate the development of new technologies.
Musk also stated in another X post, “There will be more to announce in the coming weeks.”
Companies like Alphabet and Microsoft-backed OpenAI are leading the intense competition for generative AI supremacy, driving large investments and innovation in the rapidly evolving field.
