According to reports, Elon Musk's AI startup xAI has raised $6 billion in Series B funding, with investors including Andreessen Horowitz and Sequoia Capital. The company announced the news in a blog post on Sunday.
xAI stated that the funds will be used to bring its first product to market, build advanced infrastructure, and accelerate the development of future technologies.
Musk responded to the financing news in a post on X, saying, "There will be more announcements in the coming weeks."
As competition in the AI field intensifies, several investors are pouring significant amounts of money into startups that have the potential to compete with market leaders like OpenAI.
Although xAI did not disclose its valuation after the latest round of funding, previous reports have suggested the company's valuation to be between $18 billion and $24 billion.
Reuters was unable to immediately confirm xAI's valuation.
