Public financial reports or valuation announcements from xAI or its investors

Elon Musk's xAI Close to Raising $6B, Potential $20B Valuation, Led by Sequoia

Apr 26, 2024, 02:13 AM

Elon Musk's artificial intelligence startup, xAI, is reportedly nearing a significant funding milestone, aiming to raise $6 billion at an $18 billion valuation, with a potential to reach $20 billion. The funding round is led by Sequoia Capital and includes other investors. This financial move is aimed at enhancing xAI's chatbot, Grok, positioning it as a competitor to OpenAI's ChatGPT. The company, which is less than a year old, has seen employees joining from Tesla, and the round is expected to close within two weeks. Previously, xAI raised $1 billion primarily from Musk himself. Notably, X, Musk's social network, is already one of its shareholders.