Elon Musk’s xAI firm valued at $24 billion as investors pledge more money
CNN
The AI firm founded by Elon Musk has raised another $6 billion from investors, including Silicon Valley venture capitalists and a Saudi prince, boosting its valuation to $24 billion.
The AI firm founded by Elon Musk has raised another $6 billion from investors, including Silicon Valley venture capitalists and a Saudi prince, boosting its valuation to $24 billion. Investors providing the second-round funding included Sequoia Capital, Andreesen Horowitz, and Saudi Prince Alwaleed Bin Talal, xAI announced in a blog post on Sunday. Musk, who founded xAI in July last year, wrote Monday on X that there would be “more to announce in the coming weeks,” and that the startup had a valuation of $18 billion before receiving the new funding. xAI said in its post that the new money would be used to take the firm’s “first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.” The funding sets the company up as a potential rival to OpenAI, the AI research group behind the wildly popular chatbot ChatGPT. Musk is a co-founder of OpenAI, but stepped down as chairman six years ago partly over disagreements about the company’s direction. In November, xAI announced that it was developing an AI-powered chatbot called “Grok” for some paying users of X, the social media platform formerly known as Twitter which Musk also owns. The billionaire said in a post on X at the time that Grok was being trained by having “real-time access” to information on the site.
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