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Elon Musk's xAI Secures $6 Billion in Series B Funding at $24 Billion Valuation

May 27, 2024, 03:49 PM

Elon Musk's artificial intelligence startup, xAI, has secured $6 billion in a Series B funding round, achieving a post-money valuation of $24 billion. The funding round saw participation from prominent investors including Valor Equity Partners, Andreessen Horowitz, Sequoia Capital, Vy Capital, Prince Alwaleed Bin Talal, and Kingdom Holding. The funds will be used to bring xAI's first products to market, build advanced infrastructure, and accelerate research and development of future technologies. Additionally, xAI is planning to build a supercomputer with 100,000 Nvidia H100 GPUs to support its AI initiatives. The company, launched in 2023, aims to develop advanced AI systems that are truthful, competent, and beneficial for humanity. xAI's latest model, Grok-1.5V, can process visual information in addition to text capabilities. This funding round is noted as the largest Series B in history.