Public announcements, press releases, financial news websites

Elon Musk's 15-Month-Old xAI Secures USD 6 Billion in Series B Funding, Valued at USD 24 Billion

May 28, 2024, 04:46 PM

Elon Musk's artificial intelligence startup, xAI, just 15 months old, has secured $6 billion in a Series B funding round, marking the largest Series B raise ever. The funding, led by prominent investors including Valor, Andreessen Horowitz (a16z), and Sequoia Capital, brings xAI's valuation to USD 24 billion. The capital will be used to develop new versions of Grok AI and build a supercomputer with 100,000 Nvidia H100 chips. This investment positions xAI as a significant competitor to OpenAI in the AI industry.