Elon Musk’s AI startup xAI has recently completed an impressive US$6bn Series B funding round. The funding round, supported by well-known investors such as Andreessen Horowitz, Sequoia Capital, and Saudi Prince Alwaleed Bin Talal, resulted in the startup’s pre-money valuation increasing from US$18bn to a post-money valuation of US$24bn, as stated by Musk.
The raised capital will be used to launch xAI’s initial products, establish advanced infrastructure, and expedite the research and development of future technologies. Musk also mentioned that xAI is currently hiring for various positions.
Prior to the funding announcement, Musk indicated to investors his goal to have the supercomputer operational by Autumn 2025 for xAI.
Musk, a prominent figure in the tech industry, has always been a strong advocate for AI. His electric vehicle company Tesla regularly hosts “AI Day” events where they unveil new AI-powered concepts, such as the Tesla Bot robot, and their vehicles rely on the Autopilot AI system for autonomous navigation.
Additionally, Musk co-founded OpenAI, a pioneering organization that introduced the concept of GenAI to the public. While xAI’s funding round falls short of OpenAI’s US$10bn investment solely from Microsoft, Musk aims to position his startup xAI, known for its flagship product chatbot Grok, as a competitor to his former ally.
