2024-05-28 12:45:00
Elon Musk’s xAI Secures $6 Billion in Series B Funding, Valuation Soars to $24 Billion
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Elon Musk’s artificial intelligence venture, xAI, has successfully completed a $6 billion Series B funding round. This funding round saw significant participation from investors such as Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and Prince Alwaleed Bin Talal through Kingdom Holding. This milestone has propelled xAI’s valuation to $24 billion, achieved just 11 months after its launch in July 2023. In comparison, OpenAI, the creator of ChatGPT, stands at a valuation of $80 billion, having launched in December 2015, giving it an eight-year lead over xAI. The newly raised funds will be utilized