Elon Musk's xAI is already valued at $24 billion. The company will use the funds to bring its first products to market

by alex

New investments amounted to $6 billion

Elon Musk's xAI has raised $6 billion in another round of funding, reaching a valuation of $24 billion. Investors have high hopes for xAI, which competes with OpenAI in the AI ​​race.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company announced in a blog post on Sunday, May 26. The company's pre-round valuation prior to this round was $18 billion, as reported by Musk.

The money will be used to bring xAI's first products to market, build cutting-edge infrastructure, and accelerate research and development of future technologies, xAI said.

«More will be announced in the coming weeks», — Musk said.

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