Elon Musk raised $6bn for X AI venture

Elon Musk's AI company, xAI, has successfully raised $6 billion in a Series B funding round, boosting its valuation to $24 billion.

The funding round was backed by investors including Andreessen Horowitz, Sequoia Capital, and Saudi Prince Alwaleed bin Talal.

Proceeds are expected to be used to bring xAI’s initial products to market, as well as develop more advanced infrastructure, and expedite the research and development of future technologies.

Musk, who founded xAI in July last year, on X (formerly called Twitter) said the company’s valuation was $18 billion before the new funding.

xAI has already launched Grok, an AI chatbot with enhanced features available to X Premium subscribers.

The company is also said to be recruiting engineers and researchers to further strengthen its technological capabilities in Palo Alto, San Francisco, and London.