Islamabad, Dec 26: Elon Musk’s artificial intelligence company, xAI, has successfully raised $6 billion in its Series C funding round, marking a significant milestone for the company. The announcement, made this week, revealed that a range of high-profile investors, including venture capital firms and large financial institutions, participated in the round. Notable contributors include Andreessen Horowitz, Blackrock, Fidelity, Lightspeed, Morgan Stanley, Nvidia, AMD, and Sequoia Capital, among others.
A key investor, Kingdom Holdings, a Saudi conglomerate, contributed approximately $400 million to the round, further bolstering the company’s funding. This funding round has propelled xAI’s valuation to $45 billion, nearly doubling its previous worth. The total funding raised by the company now stands at $12 billion, factoring in the $6 billion raised in a prior funding round earlier this year.
According to a public filing, participation in this funding round was exclusively open to investors who had previously supported xAI, and those who helped finance Elon Musk’s acquisition of Twitter were given the opportunity to acquire up to 25% of xAI’s shares.
xAI has announced that the new capital will be used to accelerate the development of its advanced infrastructure, as well as to support the launch of new consumer and enterprise products. The company also disclosed that it is working on its most powerful AI model yet, which is currently in training. This investment will help drive forward the company’s ambitions to push the boundaries of AI research and development, positioning it for future growth in the rapidly evolving technology landscape.
