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Elon Musk’s xAI lands $6B in new cash to fuel AI ambitions
- xAI, Elon Musk’s AI firm, has raised $6 billion, bringing total raised to $12 billion, thereby adding to the $6 billion tranche xAI raised this spring.
- Andreesen Horowitz, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, Vy Capital, Nvidia, AMD, and others were among the investors.
- The new cash injection will fuel xAI greater AI ambitions and according to reports the company was aiming for a $50 billion valuation, double its valuation of six months prior.
- Grok, a flagship generative AI model, now powers a number of features on the Twitter-owned social network X.
- Musk formed xAI last year and said that xAI’s data gives it a leg up compared to rivals, and this allows Musk's models to be trained on data from companies such as Tesla and SpaceX.
- Despite objections from Tesla shareholders, the deals have driven xAI’s revenue to around $100 million a year.
- Reports indicate that Grok may handle even more X functions in the future, from enhancing X’s search capabilities and account bios to helping with post analytics and reply settings.
- AI venture capital activity soared to $31.1 billion across over 2,000 deals in Q3 2024, driven by megadeals such as OpenAI’s $6.6 billion fundraise and Amazon-backed AI firm Anthropic’s recent $4 billion funding.
- xAI has outlined a vision according to which its models would be trained on data from Musk’s various companies, including Tesla and SpaceX, and improve technology across those companies.
- xAI has told investors it plans to raise more money next year.
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