Elon Musk’s xAI startup valued at $24 billion after raising funding

Elon Musk’s xAI startup is valued at $24 billion after the company raised $6 billion in a Series B financing round. This was reported by Reuters.

The funding round was backed by investors, who are placing big bets on competitors such as OpenAI in the escalating artificial intelligence race.

The company noted that the money will be used to bring the first xAI products to market, create advanced infrastructure, and accelerate research and development of future technologies.

“There will be more to announce in the coming weeks,” Elon Musk said in response to the funding announcement.

Elon Musk announced the creation of xAI last summer. The company’s mission is to “understand the true nature of the universe”. Representatives of DeepMind, Microsoft Corp. and Tesla Inc. as well as academic institutions such as the University of Toronto have joined the xAI.

Last fall, it became known that xAI was launching its own version of ChatGPT. The AI-based chatbot was named Grok. The day before, Elon Musk told investors that xAI aims to create a supercomputer to run the next version of Grok.