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Elon Musk's AI startup attracts $6 billion in funding

28 May 2024 18:19 (UTC+04:00)
Elon Musk's AI startup attracts $6 billion in funding

By Alimat Aliyeva

The startup of American billionaire Elon Musk in the field of artificial intelligence (AI), xAI, raised $ 6 billion during a Series B financing round with the support of venture investors Andreessen Horowitz and Sequoia Capital, Azernews reports.

The money will be used to bring the first xAI products to market, create advanced infrastructure and accelerate research and development of future technologies.

"We will announce many more in the coming weeks," Musk wrote in a post on X in response to the funding announcement.

The race in the field of artificial intelligence is gaining momentum: several investors have signed large checks for startups that seek to compete with market leaders such as OpenAI.

Although xAI did not say how much it was valued after the last round of financing, other media previously suggested that the company would be valued at between $18 and $24 billion.

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