The Tesla and SpaceX CEO's company announced a new round of funding this week.
advertisementElon Musk's xAI plans to raise $6 billion (€5.5 billion) from investors to fund the development of its artificial intelligence (AI) products, the company said.
The new funding will be used to bring the AI companies' first products to market, build out infrastructure and accelerate research into future technologies.
“xAI will continue on this trajectory of rapid progress over the coming months with multiple exciting technology updates and products to announce shortly,” the company said over the weekend.
xAI said it has made “significant progress” in developing the technology over the past year, and that progress will continue in the coming months.
Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Arabian Prince Alwaleed bin Talal, and Kingdom Holding.
Musk wrote on social media site X that xAI was valued at $18 billion (€16.5 billion) before the investment.
The funding should help Musk's company compete in the AI race against Microsoft, the developer of Chat GPT, and Open AI.
Musk announced the new company in July last year and released an AI chatbot called Grok in November.
