Elon Musk's xAI Raises $6 Billion in Series C Funding for Grok 3 Launch in December, Valuation Exceeds $40 Billion

Dec 24, 2024, 02:20 AM

Elon Musk's artificial intelligence startup, xAI, has successfully closed a $6 billion Series C funding round aimed at enhancing its technology and infrastructure. This funding round attracted notable investors including a16z, BlackRock, Fidelity, Kingdom Holdings, Lightspeed, Morgan Stanley, Nvidia, and Sequoia Capital, among others. The capital raised will be utilized to accelerate the development of xAI's advanced AI models, particularly the Grok chatbot, with Grok 3 currently in training. Following this funding, xAI's valuation has reportedly exceeded $40 billion, positioning it among the most valuable AI startups globally. The company is also set to launch a standalone iOS app for its Grok chatbot, expanding access beyond its previous user base on the X platform.