Investing.com– xAI, the artificial intelligence start-up founded by billionaire Elon Musk, said Monday that it has raised $6 billion in a series C funding round, which includes participation from NVIDIA (NASDAQ 🙂 and AMD (NASDAQ:).
The latest round puts xAI’s valuation at more than $40 billion, according to multiple reports, and comes after a series B round of funding earlier this year also raised $6 billion.
Participants in this funding round include venture capitalist majors including a16z, KINGDOM (TADAWUL:) Holdings and Sequoia. Investment giants Morgan Stanley (NYSE:) and BlackRock (NYSE:) also joined the round, as did tech majors Nvidia and AMD.
xAI said the new funds will be deployed to build more AI infrastructure and accelerate the development of its models.
The company aims to compete with big AI companies like OpenAI with its Grok AI model.
Musk founded xAI in March 2023.








