Investing.com — xAI, the artificial intelligence startup founded by billionaire Elon Musk, on Monday raised $6 billion in a Series C funding round that included participation from NVIDIA (NASDAQ:) and AMD (NASDAQ:). announced that it had been procured.
The latest round values xAI at more than $40 billion, according to multiple reports, and comes after it also raised $6 billion in a Series B funding round earlier this year.
Participants in this funding round include a16z, kingdom (TADAWUL:) Holdings and Sequoia. major investment company morgan stanley (NYSE:) and BlackRock (NYSE:) also participated in the round, as did technology giants Nvidia and AMD.
xAI said the new funding will be used to build out more AI infrastructure and accelerate the development of its flagship model.
The company aims to compete with large AI companies such as OpenAI with its Grok AI model.
Musk founded xAI in March 2023.
