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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.